How To Make Money With Thrift Collection Business

How to Make money With Thrift Collection BusinessThis piece reminded me of my neighbor – Baba Tosin. He started working with a company at first and later lost his job. So, he got a teaching job, saved some money and start thrift collection business. At first, I wonder what he stands to gain being a graduate.

In no time; he got himself a motorcycle to make the job easier and in the afternoon you will see him dress casual; mount his bike and set for work. In just four months his wife had to come quit her job  to join him in the business and in less than three years they went to their own apartment – that is how lucrative this job can be.

Thrift collection popularly called ‘Ajo’ or ‘Esusu’ is the earliest form of banking. It is a special kind of local business practiced in most neighborhoods and marketplaces.

Ajo or Esusu is a business of trust and integrity and very few people have what it takes to be successful in thrift collection business. The businesses rely so much in number and it is extremely profitable. That is why I want to talk about it today.


  1. Register: This is a book with you where you will always keep records or daily remission.
  2. Record Card: This is like a witness card; it is evidence that you collect money from them. You must always tick this card each time you collect money from the customers.
  3. A Bank Account: This is where you should be keeping your money. A micro finance bank will be better because of their loan facilities. This will help to reduce the major threat of this business greatly.

Challenges Of Thrift Collection Business

There are basically two challenges facing this thrift collection business:

  1. Thief: That is why you must never take home any money. You must make sure you keep all money on the bank; by so doing you will reduce the risk of being a victim if not totally eradicated.
  2. Customer Collecting Their Money Before The Appointed Time: Sometimes, your customers will need their money before the appointed time and you must provide it. That us why there must be a place where you can quickly borrow money in case of such incident.

How Does Thrift Collection Business

Traditionally, you take a day worth of whatever amount the depositor is saving with you daily. At the end of the month, you pay the depositor 29 days value and take one day value. For example: if you have 100 clients saving N500 daily; you will be making 50,000 every month.

Now, where is the profit? Like I said earlier, the profit is in what you do with the money you collected before paying it back to the owners.

Tricks On How To Make Money With Thrift Collection Business

  1. Encourage Consistence Customers: You need to find a way to encourage customers that are consistence either by giving them loan or giving them gift at the end of the year or something.
  2. Encourage Loyal Customers: You must also reward your loyal customers. These are customers that will stay with you in days of crises.
  3. Encourage Long Term Savings: This is very important because this is where the real money is – LONG TERM SAVINGS. You must find a way to encourage your customers to engage in Long term savings. This will enable you to business with the money collected.

1 thought on “How To Make Money With Thrift Collection Business”

  1. In addition, There exist a micro-finance Software For Cooperative, Ajo, Esusu And Thrift Collection)

    SmartTeller is a mobile app and web portal built for cooperatives
    who has inefficient or no form of digital finance operations. Payments, Savings, Loans and Transactions –

    Interestingly you can get SmartTeller for free!! visit or download app from playstore.


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