January 24, 2022 All Things Fintech in Africa

How to Esusu with M-naira

Esusu is common in Nigeria, a contributory savings scheme where market women contribute a daily partly sum of their trading  profit. In Yourba, these schemes are called Ajo, but referred to as Adashe in Hausa, and Esusu is an Igbo name for it. Although, these schemes serve as a source in which one can borrow in case of emergencies, it is a way to grow savings and achieve a communal goal.


Esusu is a thrift contribution scheme that has a coordinator who is usually chosen by other members of the society to administer and hand money to whoever is next. The members then map out an agreed amount of money  for savings in a month. Subsequently, the money is rotated among all the group members throughout a period of time.


For instance, if ten people agree to thrift, let say, N50,000 every month, at end of the month, a contributor would be entitled to N500,000. The next month, it rotates to another member.


Esusu with M-naira


M-naira has designed a digital “esusu”, a credit and saving solution automated to encourage thrift system  with ease. The scheme is similarly a peer-peer savings based on the traditional rotating cooperative society. However, with M-naira, you can now build savings, make money digitally. Group members still take turns withdrawing funds, after each contribution.


How the Esusu works?


  1. To register with your phone or email download the app on google play store.
  2. The set up an Ajo savings group with a corresponded agreed amount.  Or Pick a group that corresponds with the needed amount and your preferred payment terms.
  3. Whichever position in the group’s rotation you  choose make regular group contributions. And also Invite your  friends & family to join your group so you can reach a saving goal. You hereby can take turns withdrawing funds  from the group savings pot.
  4. Users pay in a pre-agreed monthly amount to their Ajo(esusu)group account. Payout and loan depend on the form of their group and the purpose lock special community privileges.
  5. Payouts can be transferred to any m-naira wallet or bank account or other available channels.
  6. Everyone Pays-In agreed amount weekly, biweekly or monthly. Esusu takes all the money automatically and stores it securely on your behalf. At the end of the week, biweek or month, one person is randomly selected to get all the money as a lump sum pay-out. Esusu pays directly into your bank account.

The Esusu has a flat subscription fee of 2.5% per pay out to whoever get the lump sum at the end of the month. The group fee depends on the amount per slot taken by the group members. The fee is charged when the user receives payment.


For instance, if there are four members in the esusu group who contribute 50,000 and make it  into a lump sum of 200,000, any time it is a member’s turn to take money, he/she is charged a fee. And if anyone defaults in payments, M-naira takes over their payments to protect the group.

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