Having troubles with AjoMoney? Here are some of our most frequently asked questions on AjoMoney.
AjoMoney is a digital rotating savings and credit association that allows you plan and save ahead to achieve your financial goals.
AjoMoney makes saving money and investing money seamless for you. AjoMononey is designed to help build healthy habits towards money and hit all your financial goals.
Joining AjoMoney is a seamless process. All that is required are your details like email address, phone number, and a means of verification.
The rotating savings feature popularly known as Ajo/Esusu allows you to save with a group of people or friends and then you pick a slot.
To join a rotating savings group, you need to connect your payment card and then select the group of your choice.
The thrift contribution plans allow you to save consistently and get up to 20% interest per annum. With the thrift contribution, you can also access micro-loans. NB: You can enable autocharge for your thrift contribution plan.
Personal Savings is the digitized Kolo allows to set a financial goal and save towards achieving this goal alone. With the personal savings, you have access to up to 12% interest per annum on your savings. To start a personal savings plan, you need a minimum of ₦500 in your AjoWallet. Your personal savings will be locked for a minimum of 90 days. You will only be able to break your savings after 90 days or after your selected break date. NB: Emergency withdrawal is not available.
The investment clans allow you Invest in Dollars or naira with several investment packages. You can also do this with your friends by sharing your referral link: that’s why it's a clan 😉.
The buy now pay later feature allows you to buy from several merchants of your choice on the AjoMoney app and pay in bits.
Credit Access determines your access to interest-free credit related features on the AjoMoney such as the rotating group savings , thrift contribution microloan and the buy now pay later.
Your BVN is for identity verification and also enables us to review your credit access application. It gives us an extra layer of confidence when onboarding you as a new customer and also enables you as a customer access to future credit facilities.
You only need to connect your card at the point where you need to collect credit from us and this is to enable us to autocharge if you default.
There are no hidden fees on the AjoMoney.
Your credit access can be rejected if you provided.
Asides others checks like credit history you must have failed, you must have been saving consistently for your request to be approved.
There is no arrangement for emergency withdrawals on AjoMoney. Funds can only be withdrawn after 90 days or on the selected break date.
AjoWallet is the primary fund management wallet for Savings, Investment and Credits. AjoWallet is used in making all transactions within your AjoMoney App, such as paying your group contributions, funding your kolo account, paying your Thrift contributions, making your investment deposit, buying airtime and paying bills.
AjoPay is primarily a mini- bank on the app to help move money. AjoPay wallet is used to make transfers to any bank account in Nigeria.
AjoWallet is used in making all transactions within your AjoMoney App, such as paying your group contributions, funding your kolo account, paying your Thrift contributions, making your investment deposit, buying airtime and paying bills. However, AjoPay wallet is used to make transfers to any bank account in Nigeria.
From your AjoWallet, you can make transfers to only a bank account that has the same name with your BVN name; while from your AjoPay wallet, you can make transfers to any Nigerian bank account.
You can only make one transfer a day from your Ajowallet; while you can make multiple transfers daily from your AjoPay wallet.
Deposits into and transfers from your Ajowallet attracts a charge of N50; while deposits into and transfers from your AjoPay wallet are free!
How can I contact your support? You can connect with our support team with the live chat on the app or on the website.
Micro-loans are available but only after your credit access has been approved. Micro-loans are only available in the thrift contributions feature.
A virtual dollar card allows you to have seamless online transactions and this will be necessary to use the buy now pay later on AjoMoney or shopping.
Your virtual dollar card is primarily for shopping on the AjoMoney app.
A virtual naira card allows you to have seamless online transactions and this will be necessary to use the buy now pay later on AjoMoney or shopping.
Your virtual naira card is primarily for shopping on the AjoMoney app.
On AjoMoney, You can manage your financial activities of your cooperatives which includes loans, savings and investments.
Yes. you can register your existing cooperative account and share the link with your members. They can begin to save, withdraw, invest and request for loans.
It aids your credit access application. This means we can analyze your transaction and give you a worthy credit limit.
Private rotating savings groups aren’t open to the public. Here, you create the group and invite your members to join. You can carefully moderate the group on your own i.e you choose the members, amount and how long the group will last for.
Public rotating savings groups are created by the AjoMoney team and controlled by the team. All you have to do as a user is to join the group that well aligns with your goals and budget.
After joining a thrift contribution which can last for a minimum of 9 months, you can then apply for over 30% interest-free credit on the total money you have saved.
As soon as you have completed your account set up and connected your card to your AjoMoney account, You can commence payment on the app.
Yes. There is a referral bonus whenever you share your referral link with friends and family to join AjoMoney.
Defaulters will be sanctioned on the app and will be reported to the credit risk bureau which means they will be denied from getting loans anywhere else in the country.
In a rotating savings group, you can have a minimum of 3 members and a maximum of 12 members.
You can call our support team and request for your bank wallet details and your payment will be renewed.