How Ajo and Esusu built very strong trust system than the banks
In the olden days, the Ajo saving culture serves as a source of borrowing in emergencies, a way to grow savings and a means to grow communal goal. At the heart of every collective savings scheme is the clan nature of its members; those days reputation was contributed by the clan and not just money and trust was the order of the day. What if Nigerian business was a clan and each member contributed reputation instead of money? We have had lots of working systems in Nigeria but we seem to overlook them and see them as just normal, for instance, when the issue of the Igbo apprenticeship system came up, it took a white man to open our eyes to see that our forefathers had set a standard for us to follow but we seem too carried away with the white men’s way of life. I wish we Nigerians would look deeper into some of our old systems which are and have been working for us from time immemorial and just try to rebrand them to fit into our present day culture instead of coercing us into using the foreign method that seems so difficult for us.
There was a case of the mobile money which came into Nigeria a few years ago and was launched by the central bank. Unlike other countries that recorded successes, we had challenges using it and this led to the failure of mobile money system. People complained of the disheartening network issue which leads to disappointment when it is used.
Many Nigerians do lots of money transactions that are not recorded or included in the central bank of Nigeria. Out of 100% of people doing transactions only 30% persons have been recorded to have been doing transactions and the rest 70% are financially excluded. What if the bank introduces a system that could favour everyone including those in the rural areas?