In Nigeria, only about half of the adult population has a bank account. In rural areas and urban margins, the share is even lower. But that does not mean these people have no financial system. They have one that is older than any bank: the Ajo system.
Ajo is a rotating savings and credit association in which groups of neighbors, market women, or friends regularly pool money. Every week, each member contributes a fixed amount, and in turn, one member receives the full sum. It is a system built on trust, on personal relationships, on a handshake. It has worked for generations. But it has limits. When a collector loses the money, when someone dies, when the group grows too large, there is no safety net.
On February 10, 2026, a partnership was announced in Ibadan that aims to bring this old system into the digital world. The Ibadan Digital Academy (IDA) and fintech company Ajoti have launched a collaboration to digitize traditional Ajo structures without dismantling them. The project is supported by the University of Utah’s Crimson Project, which provides technical expertise and development support.
The idea sounds simple, but it is not. The point is not to build a banking app and push it on people who do not want or need a bank account. The point is to make an existing system safer, more transparent, and more scalable. Every deposit is documented, every payout traceable, and the group’s rules remain the group’s rules.
IDA brings digital literacy into the equation. The academy, founded in Ibadan, offers training in digital skills, incubation programs for local startups, and technical consulting for enterprises seeking to solve social problems with technology. Ajoti provides the platform, built on the specific requirements of the Ajo system.
What sets this partnership apart from many fintech initiatives across Africa is its starting point. Most financial technology projects begin with the technology and then look for a market. This one begins with the community. The technology adapts to what already works, rather than replacing it.
For the market women in Ibadan who have organized their Ajo for decades, this is not a revolution. It is an improvement. Their money is safer, their group is more flexible, and they do not need a bank, an account, or an ID for it. What they need is a phone and the trust they already have.
Whether the model scales remains to be seen. But the approach of strengthening existing informal financial systems rather than displacing them is one that deserves attention.
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