For decades, millions of Nigerians have relied on Ajo and Esusu: informal group savings systems built on mutual trust and social accountability. Now, CircleFunds is bringing this deeply rooted practice into the digital era.
By merging cultural familiarity with financial technology, the platform is helping Nigerians save better together, offering the comfort of tradition with the convenience and security of innovation.
In this exclusive interview, Techparley speaks with Sogo Ogundowole, CEO of CircleFunds, about how his startup is redefining collective savings in Nigeria by transforming the age-old Ajo/Esusu system into a secure, transparent digital experience.
He also discusses building user trust, empowering underserved communities, and the future of community-based finance in Africa’s digital economy.
What You Should Know
Ogundowole says the idea for CircleFunds was born from observing how much Nigerians already trust their communities; often far more than they trust institutions.
“The Ajo or Esusu system has worked for generations because it’s rooted in shared accountability and social bonds,” he explains. “What we wanted to do with CircleFunds was to give that same trusted model a stronger foundation: structure, security, and scale through digital tools.”
Before CircleFunds, people were already organising group savings through platforms like WhatsApp and Telegram, manually tracking contributions and payouts. The founders recognised the opportunity to formalise this process, making it seamless, automated, and transparent without disrupting its communal spirit.
“The response has been incredible,” he says. “Nigerians see CircleFunds as offering the familiarity of the traditional ajo/esusu system, except now it’s powered by tech that makes it easier, safer, and more transparent.”
Participation in the Itana Digital Residency Programme has also shaped the startup’s evolution, exposing it to regulatory engagement, mentorship, and networks across Africa’s growing digital ecosystem.
What This Means
In a country where confidence in digital platforms is often fragile, Ogundowole says CircleFunds is tackling the trust gap head-on.
“Trust is at the core of everything we do,” Ogundowole notes. “We know that people are cautious and rightly so. As a result, we’ve been intentional about earning trust by operating with full transparency.”
To safeguard deposits, CircleFunds says it partners with regulated financial institutions, separating user funds from operational accounts. Yet, Ogundowole believes credibility goes beyond compliance, it’s about relationships.
According to Ogundowole, the team noticed that people were already forming saving groups on platforms such as WhatsApp and Telegram, often managing everything manually. That gave them an opportunity to make the process seamless; to formalise what people were already doing, not change it.
Understanding How Nigerians Save
With more than 10,000 users on its platform, Ogundowole says CircleFunds is uncovering important insights about Nigeria’s saving behaviour.
He observes that users are moving beyond emergency contributions to structured savings goals such as rent, school fees, business capital, and cooperative investments.
According to Ogundowole, most saving circles are formed among small, trusted networks: colleagues, neighbours, or religious groups.
This, he argues, highlights a critical truth: Nigerians want financial tools that align with their realities; flexible enough for inconsistent incomes but structured enough to support stability.
Expanding Financial Inclusion Through Technology
For Ogundowole, financial inclusion means more than digital access, it’s about creating relevance for people across social and economic divides.
CircleFunds’ design accommodates every kind of saver, allowing users to form groups, set customised goals, and track progress in real time. This blend of structure and personal freedom makes saving more inclusive and meaningful.
“Our platform is designed to accommodate every kind of saver,” Ogundowole says. “Technology helps us make this flexibility possible. Users can set custom savings goals, form or join existing thrift circles around shared purposes, and track their progress transparently.”
Understanding the Industry
The African fintech market is projected to reach $65 billion by 2030, with Nigeria accounting for 28% of all African fintech companies, according to a 2024 report by the European Investment Bank.
In terms of competition, CircleFunds is operating alongside several digital-savings and fintech players such as PiggyVest, Cowrywise, and Kuda Bank.
Looking ahead, Ogundowole says he envisions a financial future that stays true to Nigeria’s communal roots but is powered by technology.
“If we get it right,” he concludes. “We’ll not only deepen financial inclusion but also preserve a cultural practice that has empowered Nigerians for generations.”
According to industry leaders, CircleFunds is a testament to how technology can modernise trusted traditions without erasing their essence. By turning Ajo into an app, experts say the company is proving that innovation in Africa’s financial landscape begins with understanding its people.
Talking Points
It is noteworthy that CircleFunds is modernising one of Nigeria’s oldest financial traditions; the Ajo/Esusu!system by giving it a digital backbone built on transparency and automation.
This cultural continuity is what sets CircleFunds apart in a crowded fintech landscape dominated by interest-based saving apps. The platform’s community-first model mirrors how Nigerians already save: through trust, accountability, and social connection.
By digitising these behaviours rather than trying to replace them, CircleFunds is meeting users where they are, especially those excluded from formal banking systems.
At TechParley, we find CircleFunds’ approach particularly significant because it demonstrates that innovation in African fintech doesn’t always have to be disruptive; sometimes, it’s about reinforcing what already works and scaling it responsibly.
With the right ecosystem partnerships, CircleFunds has the potential to become a leading force in formalising collective savings, preserving cultural heritage while promoting financial inclusion at scale.
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