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A guide on how to venture into thrift collection business in Nigeria



One of the easiest forms of banking in Nigeria today is thrift Collection which is also known as Ajo’ or ‘Esusu. Thrift Collection which is also called Ajo’ or ‘Esusu is another form of micro finance banking business currently practiced in most marketplaces and neighborhoods. Thrift collection is a saving and loan business where most market women and men are been empowered. This particular business is a business of trust and integrity and it is only very few people that have what it take to be successful in the business. Thrift collection business is a very profitable business if it is done in proper way.  As a thrift collector you charge the customer monthly for saving money with you. Let us do calculation;
If a customer is saving #500 everyday you charge the customer #500 every month. Which means if you have about 100 customers that are saving #500 on a daily basis, you will be making about #50,000 every month. In thrift collection business customers are charged every month according to what they save on a daily basis. As a thrift collector you make more money when customers save a good amount of money on a daily basis and you also make more money when you have a lot of customers. Another way a thrift collector make money is by giving out loan. As a thrift collector you can give out loan from customer’s savings, but you need to be very careful.  Let us look at the requirements of starting a thrift collection business in Nigeria. The following are the requirements of starting a thrift collection business in Nigeria;

      1. Choose a unique name and register it: Choose a unique business name and register it with Corporate Affairs Commissions (CAC).

    2. Print a passbook: You need to print a passbook for customers. This passbook will be with the customers. This passbook is what you will be using to record the daily payment of the customer.

    3. Get a book register: You also need your own personal book register for recording customer’s daily payments. Make sure this book register is kept safe.

    4. Get a nice bag: You also need a bag where you will be putting your book register and customers money as you are moving.

    5. Get small motorbike: Getting a small motorbike will really make your work easier. And it will help you to reach out to a lot of customers.

    6. Visit different markets: To succeed in thrift collection business in Nigeria, you need to visit a lot of different markets. Market men and women are the targeted customers in thrift collection business.

    7. Honesty: This business really requires a lot of trust and honesty for you to succeed.

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