Frequently Asked Questions


Having troubles with AjoMoney?

Here are some of our most frequently asked questions on AjoMoney.

AjoMoney is a financial technology app that allows you to gain access to money even before you can save up to the amount. If you do not need money early, you can choose to save your money on AjoMoney and watch it grow. You can save in a group (ajo/esusu/adashe) or save alone using Kolo (piggybank). The longer your money stays in ajo and kolo, the more the tendency for it to grow.

AjoMoney is an alternative to high interest loan, if you pick an early slot number in an Ajo group, you get the first fund collection by paying a one-time fee while people who collect late in an ajo group get an additional bonus and do not have to pay any fee.

You can also make your utility bill payments, airtime and data purchase on AjoMoney app.

You can join AjoMoney by downloading the android or ios app from the google playstore and app appstore respectively. Once you have downloaded the app, you can create an account with just few steps. After creating an account by providing your full name (this must match your bank account name and identity cards name), phone number, email address, password and transaction pin.

Upon gaining access to the app, you are expected to verify your phone number, email address, and identity. It is mandatory you upload your real face profile picture to prevent account suspension.

Your Ajo Score or Saving Limit can determine what sorts of Ajo Groups you can create and join. To increase your limits, you need to make payments on time and fund your ajo wallet regularly. For each ajo payment made on time and money added to your wallet, your score goes up. To increase your saving limit even more, mail us your bank account statement for the most recent three months at

You need to verify your BVN so we can be sure that the bank account you will be withdrawing into belongs to you. Yes, it is completely safe, and encrypted. Do not send your BVN to us, just enter it on the App and verify.

You link your debit card so you can use it in funding your wallet flexibly and also validate your financial commitment. In addition, in the event of default with your group contributions, your debit card will be autocharged by us. Your card will only be autocharged if you default in your contributions, so as long as you are not planning to default, you should not worry about it. And yes, it is completely safe.

Just click on the group, pick a number, and join. Once the group members are complete, it will be launched, and you will be notified of this.

You are allowed to join only 3 active Ajo groups at a time. To avoid loading yourself with excessive contribution debts, as you can not leave a group once it has started.

No, there is no maximum amount.

No, there is no maximum amount.

Click 'Fund wallet' on the app home page. You can either make the deposit through your debit card, or by making a transfer to your Paga account shown on the 'Fund Wallet' page.

Yes, every user can only withdraw once per day. If your identity has not be verified, you will not be able to with above NGN50,000.

Click ‘Withdraw’ on your home page and fill the necessary information.

You can withdraw from your kolo anytime from the date you set when you created it. Not before. The essence of the kolo is to build financial discipline.

Yes, AjoMoney is registered with the CAC as a rotating savings and financial technology company.

Lending bonus is a bonus given to members of a group with the higher numbers. This is a bonus of 4% on the amount lent to other members of the group who picked earlier. While Platform fee is charged on members that picked lower numbers in a group. It is 10% of the money they borrowed from the other members of the group.

Your lending bonus and platform fee is determined by the number you pick in a group, and will impact your total cashout from a group, hence it is advised you calculate this before picking a number and joining any group.

When depositing into your wallet, if you deposit through your debit card, flutterwave charges you 1.4% capped at N2,000. If you deposit through your Paga account, Paga charges you N50 per transaction. On withdrawal, you are charged N75 per transaction. That’s all. There are no hidden charges on AjoMoney.

No, you cannot leave a group after it has started. You can only leave a group before it starts.

No, you cannot break your kolo before the date you set.

Interest on kolo savings is up to 12% annually on kolo balance, accumulated every month.

No, you can only transfer from your wallet to an account with the same name on your BVN.

No, it does not affect it. You can save any amount in your kolo.

Please ensure your registered phone number is correct and it is one that you have access to.

You will definitely get your money before the end of the day.

Click on your group, scroll right to contribute, and make payment.

Click on your group, scroll right to withdraw, a withdrawal button will be on your cashout date.
Click on it to withdraw to your wallet, and then withdraw from your wallet to your bank account.

Click on groups, and click on the Cross cycle at the bottom right corner to create your group. You are the admin of any group you create, and you have the responsibility to invite people to join your group. You get an admin bonus for any group you create.