Aug 6, 2025
With the naira continuing to fluctuate against global currencies, many Nigerians are abandoning traditional savings accounts and turning to digital community saving apps—also known as “digital ajo” or “esusu.”
These platforms, which allow users to pool funds with trusted groups and rotate savings, have surged in popularity over the past 18 months. Startups like Cowrywise, PiggyVest, and even WhatsApp-based savings groups are being used not just for daily budgeting, but also for medium-term investments and emergency funds.
What’s driving the trend? Unstable interest rates, limited access to credit, and a loss of confidence in the banking system have all contributed. More importantly, these apps offer transparency, flexibility, and a sense of financial community—something traditional banks have struggled to provide.
Experts believe this trend signals a broader shift in how Africans manage and build wealth. Instead of relying solely on institutions, they are building financial systems around social trust, mobile access, and user-friendly design.
