Ngozi, the visionary behind Ajosquad (www.ajosquad.com), began her saving model in Canada in 2024. By leveraging technology, she transformed and streamlined the concept of Ajo, a simplified form of peer-to-peer saving for individuals, making it accessible to the Canadian market. This unique model has empowered individuals to save for various goals, such as their first home’s down payment, school fees, and vacations. In this article, Ngozi shares her journey and the tangible benefits of AjoSquad’s offerings, which include a secure and transparent savings platform, a supportive community, and the opportunity to achieve financial goals faster. This is her story.
I relocated to Canada in 2021 and began Ajosquad in 2024. Although the term Ajo may be unfamiliar in Canada, the concept is widely practised in many African and Caribbean countries and India. It involves a group of individuals pooling equal amounts of funds and taking turns collecting the pooled funds. Despite its novelty in Canada, I successfully introduced it into the Canadian landscape, drawing on its proven success in Nigeria and other regions. Ajo is often compared to crowdfunding, but there are key differences. While crowdfunding involves raising funds for a specific project or business, Ajo is a form of collective savings that allows individuals to save for personal goals.
During the startup phase, I faced peculiar challenges. I had to explain how the system worked repeatedly at every stage of the business, from licensing to software applications and banking. I had to explain that this model is being practised in Nigeria and has a high success rate, and while crowdfunding is prevalent in Western countries, pooled savings or Ajo is a version of this in Africa. It took a lot of persuasive talk on my part to get the stakeholders to understand. At some point, a marketer for one of the banks asked me directly if I had ever been told that this concept sounded like a Ponzi scheme; I laughed and explained again. I had a lot of push-backs, and many prospective stakeholders declined the opportunity to be a part of this journey, but those who took the pains to understand and learn the process bought into the vision. In time, our community grew, and Africans in Canada joined Ajo squad, having been convinced of the authenticity of this platform and the security measures put in place to protect them. This journey of overcoming challenges has only made us stronger and more confident in the success of AjoSquad.
So, when a new person joins Ajosquad, they must sign up at the website and verify their email. They are then required to complete a KYC as stipulated by FINTRAC. After this initial process, they can join a squad based on the bi-monthly amount they want to save. We now have the $200, $300, $500, and $1,000 squads. After this, they will integrate their bank account with Gocardless for secure transactions and then pick a position in the rotation by clicking a button. The final step is adding a payout account to receive earned savings. Each squad has ten people who are debited bi-monthly for five months. It’s that simple. To be a part of this innovative savings scheme, please click here: https://app.ajosquad.com/register?refcode=amaka23
Thinking back to what I would have done differently, I have no regrets so far. Even for those areas where I experienced some losses, this is a journey in progress as I have identified with the concept of failing forward. My words of encouragement to women of colour who have migrated to Canada and other countries is to be strong and not let people’s opinions define who you are. You should know your worth and be resilient in the face of challenges. Don’t let your colour, gender or accent make you timid. You must know your worth and be bold enough to give the world your uniqueness. The world is waiting for you to shine, so don’t dull yourself.
Ajo Squad is a platform that celebrates diversity and inclusivity by encouraging people to save, be financially empowered, and meet their financial goals.
Ngozi tells her story from the city of Saskatoon in Saskatchewan, Canada.
