Host(s):

Become a digital savings and thrift collection agent and replace the traditional esusu means of saving. Earn commissions from offering this service.

Thrift collection is an old micro banking model which allows people to save in small amounts on a daily basis for a period of time towards specific goals. Another name for it is daily contribution. The yorubas call it ajo, the igbos call it esusu and the hausas call it adashe. In Ghana, it is known as esusu.

The savings/thrift service is an innovative way of promoting a savings culture among the unbanked - especially people in the rural areas. WIth this service, people will no longer have to save in their piggy bank or under the bed, rather, they can save towards a specific goal or deadline in their digital wallet and access it when they want to. Some operators attach extra perks like interest on savings, access to loans, etc for people who subscribe to their savings product. Here is how it works.

  • Any customer who is interested in this service can subscribe to a savings/thrift program of an operator by opening a special savings/thrift wallet with that operator. 
  • The customer then periodically makes savings payment into his savings/thrift wallet through the agent. The customer gets an alert for every deposit made into his/her savings wallet.
  • The customer is able to withdraw his savings on the due date.

Every Nigerian needs to save as it is a healthy financial habit to adopt. Any time you make income, it is advisable you save some aside for the rainy day, or against a defined goal.

  • Educating potential customers about the importance/benefits of savings and convincing them to open a thrift account.
  • Opening a savings/thrift wallet for the customer
  • Following up the customer to ensure he/she saves
  • Keeping a float in their agent wallet with the operator to be able to handle savings cash-in/cash out requests from the customer.
  • Cash in: Collecting cash that the customer wants to save and depositing in the customer’s wallet. The agent will then transfer the cash value collected to the customer’s wallet, from his/her own wallet.
  • Cash out: Disbursing money saved to the customer when he/she is ready to withdraw their savings. The agent will then give the actual cash requested to be withdrawn, to the customer when he/she requests withdrawal, and transfer the value to his wallet.
  • Resolving any complaints their customer might have, on behalf of the operator.

This is dependent on the operator. There are different earning models:

  • For some operators, the agent earns commissions for savings made by the customer.  
  • For some other operators who charge a subscription fee to customers for the period they subscribe to the savings plan, the agent can earn a percentage of the subscription fee.
The exact commission earned by the agent is dependent on the operator, as different operators have different commission ranges.

A Phone/PC/Pad with access to the internet and with the operators app installed.

  • Create deliberate campaigns to encourage people to save and open savings wallets for people near you who you successfully convince.
  • You can also advertise that you offer these services in the location where you are situated, so anyone interested can walk into your location and ask for the service.

You don't need any capital to start this service - beyond the float you will need to have in your account with the operator to handle cash-in, Cash out. All you need is a good understanding of the service and the  ability to sell it to potential customers.

  • Having your phone/PC/Tab connected to the internet and with the operators app installed
  • Having enough float income in your account to make deposit money into the customers wallet when he/she gives you cash to be deposited.  

The more savings plans you sell for the operator and the amount you can encourage the customer to save, the more money you make.

Yes! you can start with selling savings/thrift products first and then extend your offerings to other services over time. 

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