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Finance: How thrift collectors are rescuing low income earners

Ibadan Sola Adeyemo

May 26, 2021 |

New Telegraph |

Text |

800-1500 Words

Response Location: Nigeria, Lagos

The practice of “Esusu” serves to provide a way of saving money for those who do not have access to bank accounts. In this system, each contributor agrees to save a set amount for a limited amount of time and “withdraws” their savings at the end of that time period, paying a small fee to the collector. This informal banking practice is a flourishing business in Nigeria.

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