Business Ideas

Ajo – The Traditional Saving Scheme with Modern Business Opportunities

Ajo – The Traditional Saving Scheme with Modern Business Opportunities


Where it all began

It all began about five hundred years ago in a rural setting in a small village. When young men have found a beauty they fancied, they have to get married before any fornication. Adultery punishment was severe, and young men needed to find a way to solve this as saving up for high-cost expenses was tricky. Small groups of young men would gather in an elders’ hut with whom they had trust. Each week each of the young men each gave their trusted elder an agreed-upon equal amount out of their wages, and each month, one of the young men was rewarded with a lump sum to afford marriage. Purchase the book via this link:

The fund pool was affectionately referred to by each tribe or nationality by their chosen name. It was such a favourite practice that it spread quickly throughout the continent. When the transatlantic slave trade shipped from Africa to the rest of the world, the practice spread from continent to continent. The system is simple yet effective, and so many found it beneficial, which is why it became so popular.

Many forms far and wide

In some parts of Africa where farming was popular farmers would solve their high labour tasks of sowing weeding and harvesting with shared labour. Each farmer would join forces with other farmers on one of the groups of farms to tackle these tasks quickly. This practice also extended to the assistance of elders who did not have sufficient energy to grow their crops. Some groups would focus on saving up for other rewards like paying off debts or buying those expensive desired items. Purchase the book via this link:


Over time this practice spread from village to village as it solved a universal difficulty of saving-up for wishes and desires. On other continents, the practice grew in some places to community size, and banks and associations formed. This bank is different from the usual banks and is more community-focused. The associations just made it a whole bunch more formalised, but the majority of the people practising this are still small groups. The majority of the people practising this system are in the informal sector.

Basic manual record-keeping

Bearing in mind that this practice started over five hundred years ago when paper was scarce let alone any invented technology. A villager would record their payments and pay-outs from this system by cutting notches into a palm branch. Since then it has advanced a bit over time to paper records. Paper records again suffer consequences of weather, insects and animals damaging these records. Not everyone in the group can see these records, resulting in some taking advantage of the situation. Purchase the book via this link:


Problems creep in from time to time and no way to resolve it other than maybe swearing at the village god. The process to this day is still mostly manual and done by the groups trusted administrator. Depending on the skill level of the administrator this will determine the accuracy of the recording process. With anything like this transparency and accuracy are important factors of trust. Accountability is difficult without records and without everyone knowing what is going on, things can go a bit mismanaged without a trace.


Entrepreneurs start with a lump sum assistance

The best use of lump sums of cash is investing in something worthwhile. By worthwhile, we mean something that can grow in value and although your own business could be a bit of a gamble. Being a good entrepreneur would result in a lump sum growing leaps and bounds beyond the basic dream from where they start. Having a lump sum means that you could afford to trade capital. Investing in yourself can be the best investment you will ever make, but one trick to being a successful entrepreneur is focusing on the business and not diluting it with personal troubles. Purchase the book via this link:


A little boost goes a long way

Now and then, extra cash is useful, especially when it is around twelve times more than your disposable income. Imagine for a moment, how that item or activity you have been dreaming of, seemingly always out of your reach, is now affordable. The excitement is immeasurable. The joy is infectious, and others in your community feel your excitement. It is these special occasions that make life more enjoyable and worth saving up to achieve. Saving is not easy for everyone, especially when expenses seem to be more than income.

The revolving credit system is widely recognised

As this practice spread the world over it became a way of life for many within multiple nationalities. It is not localised difficulty; it is that a lot of people everywhere suffer the same consequence of not being able to save. A saving system is beneficial as it separates access from the fund pool that may be inviting during a time of need. Everyone goes through these challenges, then life unexpectedly happens. Unplanned expenses will impact your plans, and savings always suffer the consequence. Purchase the book via this link:


Credit will always be tempting to solve the short-sighted desires. The revolving credit system is so much better as it does not cost you any credit interest. Interest can cost you more than the item you bought if your credit provider is greedy. Your reward for contributing to the revolving credit scheme is something you can bank on. Savings into a community-based system is far more rewarding than commercial systems. Especially when it is a connected group, and everyone shares and supports one another.

The problems that we know about

Trust is a big problem when it comes to finances, especially when you have to entrust part of your small income with a stranger. You want to know the management of your funds and what happens when you become separated from your hard-earned cash. You want to know if the contributors are all doing their part in creating a worthwhile fund pool. You want to know when someone benefited by being paid out. You may be interested in supporting others in the contribution group if you know what they have to offer. Purchase the book via this link:


Would it be nice to have everything related to your saving style in one place that keeps you aware of the progress and the conversation? Would it be bang-up to keep the greedy corporations out of this and allow it to be built by someone from the Ajo community? Greedy corporations are old school and the new world emerging is a socially connected one. The trends of late are more geared towards sharing than the taking model of the corporate error.

It would be nice if there were an Ajo app

With the world busy changing the way it is and as quickly as it does, with the digital age upon us. To solve problems with technology is becoming easier. The adoption of the mobile smart device has overtaken the modern computer as it is more than useful. Technology can solve paper record problems, as well as bring people closer together. Just as Facebook has connected over 2.7 billion people and the mobile phone connects over 5 billion people globally by 2020. Purchase the book via this link:


With over five million active rotation credit scheme users reported in Brazil alone and this starting in Africa and now global, it is a great market. An app to connect these people, an app to solve the problems associated with these schemes and an app to make it transparent would be widely accepted. A feature-rich simple app that makes saving and living more enjoyable would be a pleasure.

Are you up for the challenge?

When an opportunity knocks and presents itself, are you the one to grab it and turn it into something special? Are you driven to change a problem situation into an opportunity? We found the perfect untapped opportunity with huge market potential. This concept needs serious marketing strategies and ingenious connection to the latest movement in financial systems. Purchase the book via this link:


If you have a way to make this system even better in a way that benefits the users, you may be the one. You need to be self-driven to succeed, and you need to have some I.T. knowledge or skills. If you are an entrepreneur at heart with the desire to take this and run with the idea, then you may be up for the challenge. Only those who truly know that they have what it takes should venture into this business.

If you are curious, then download the eBook or read the paperback

We have put together a detailed eBook, to take your through the process and give you a head start. You will need to do lots of work. This eBook is not a silver platter, but it has some useful insights into the problem and some great tips on how to build a business to solve this global problem. Yes, there may be competitors in this market, but none that have solved this in the same way.  I really hope you enjoy our Ajo eBook, do let us know below in the comments, we look forward to you joining our conversation.

Download our Ajo eBook or get your paperback now! Purchase the book via this link:


©Jack Lookman Limited 2020

YouTube Channel: Jack Lookman


Facebook Group: Empowerment, Inspiration and Support

Amazon: Search for Jack Lookman in the Amazon online bookstore

This error message is only visible to WordPress admins

Error: No connected account or API key.

Please go to the YouTube Feed settings page to enter an API key or connect an account.