Nigerians turn to community savings amid financial struggles

Abuja, Nigeria —  As Nigeria grapples with economic challenges, many are turning to Ajo — a community savings system rooted in trust and tradition. For traders and low-income earners, it’s a lifeline, providing lump sums of cash for projects and urgent needs. But without regulation, Ajo users risk losing their savings to fraud. Trader Tessy Ajakaye, 50, is one of the millions of Nigerians relying on Ajo. For her, it’s more than just a savings tool — it’s the backbone of her business. Ajakaye contributes daily, knowing her payout later will help expand her inventory. In the Ajo system, participants

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