Nigeria’s technology ecosystem continues to prove that the continent’s future lies in innovation driven by purpose. Among the standout projects emerging from this year’s Codefest Nigeria Hackathon (NigHack ’25) — themed “Build for Nigeria” — is AjoSave, a fintech solution designed to digitize traditional savings systems while embedding trust, transparency, and financial empowerment at the core of its operations.
Competing under the FinTech category, AjoSave is redefining how communities save, borrow, and build together. The app is part of over 5,000 projects vying for a share of the ₦5 million prize pool in what has been described as Africa’s largest innovation competition and a Guinness World Record official attempt.
The initiative, organized by Codefest Africa in partnership with HackTribe and Globus Bank, invites Nigerians to vote for their preferred projects between October 8th and 30th, 2025, ahead of the grand Innovation Expo scheduled for November 20th, 2025.
Each vote costs ₦100, payable to Codefest Nigeria Hackathon, Globus Bank Account Number: 0064267441.
A Digital Reinvention of an African Tradition
For decades, Nigeria’s informal savings systems — popularly known as Ajo, Esusu, or Adashe — have played a crucial role in grassroots finance. These community-based savings circles allow members to pool funds, rotating access to collective capital for small business growth, education, and emergencies.
However, challenges such as fraud, mismanagement, and lack of transparency have plagued traditional Ajo groups. AjoSave is designed to address these issues by integrating the system into a secure, transparent, and traceable digital environment.
“AjoSave is about rebuilding confidence in the financial culture that has sustained millions of Nigerians for generations,” said the AjoSave Team Lead, while speaking about the project’s inspiration. “We’re bringing trust back into collective savings by combining our cultural wisdom with the reliability of modern fintech.”
The app’s interface allows users to create or join digital savings groups, automate contributions, and monitor funds in real time. Every transaction is logged, visible to all members, and immutable — preventing disputes and ensuring everyone’s contributions are accounted for.
Technology with a Human Purpose
Unlike many fintech platforms focused purely on transactions, AjoSave is built on the philosophy of community-driven finance. The project seeks to empower informal workers, artisans, traders, and low-income earners — Nigerians who have traditionally been excluded from formal banking systems.
“We realized that millions of Nigerians still trust human networks more than bank systems,” said another team member. “AjoSave bridges that gap by making trust digital. We are not replacing traditional savings groups — we’re strengthening them.”
With its focus on accessibility, AjoSave is also exploring USSD and SMS integration, ensuring that even users in rural and low-connectivity areas can participate. The platform is designed to work across feature phones and smartphones, reflecting its inclusive ethos.
A Lifeline for Nigeria’s Financial Ecosystem
Nigeria’s financial inclusion rate currently hovers around 64%, leaving an estimated 38 million adults unbanked, according to data from EFInA (Enhancing Financial Innovation and Access). This gap represents both a challenge and an opportunity for digital financial innovators.
AjoSave’s model taps directly into this informal economy, offering a platform that could onboard millions of Nigerians into the formal financial system. By digitizing group savings, the app creates a verifiable record of savings history — data that can be leveraged by banks and credit institutions to extend microloans and credit facilities to users who were previously invisible to the financial sector.
“Fintech isn’t just about moving money — it’s about moving trust,” said Dr. Uche Eke, a financial technology analyst based in Lagos. “AjoSave’s impact lies in its ability to connect informal savings with formal credit systems, empowering low-income earners while expanding Nigeria’s financial base.”
Job Creation and Digital Employment
Beyond inclusion, AjoSave’s potential impact on employment is significant. Nigeria’s fintech industry accounts for roughly one-third of all startup jobs in the country’s tech ecosystem. A successful rollout of AjoSave could create hundreds of direct and indirect jobs — from software development and data analytics to digital marketing, customer support, and agent network operations.
“When we think about AjoSave, we don’t just see an app — we see an ecosystem,” said the Product Manager. “Every savings group we help digitalize could create opportunities for financial educators, local agents, and youth developers who will serve as community ambassadors.”
This ripple effect could help reduce youth unemployment while contributing to Nigeria’s growing reputation as a tech talent hub on the continent.
Restoring Trust and Transparency in Financial Systems
Trust remains one of the biggest barriers to digital adoption in Nigeria’s informal economy. Many Nigerians still prefer physical cash savings due to previous experiences of fraud, app failures, and inconsistent platforms. AjoSave addresses this by ensuring total visibility of transactions — a feature that has been described as a “game changer” by early testers.
“Our platform is anchored on transparency,” the Technical Lead explained. “Every member in an Ajo group can see who has paid, who hasn’t, and when disbursements are made. That level of openness builds confidence, reduces disputes, and brings accountability to the heart of finance.”
The app’s emphasis on digital receipts, member verification, and automated notifications ensures that each transaction is authenticated and traceable, fostering a culture of financial honesty.
Part of a Larger National Innovation Movement
Codefest NigHack ’25 isn’t just another tech competition — it’s a national platform for identifying solutions that can redefine how Nigeria builds its economy through technology. With categories spanning HealthTech, AgriTech, FinTech, and EduTech, the event brings together developers, innovators, investors, and policymakers under a shared goal: to Build for Nigeria.
“Codefest has become the heart of African innovation,” said Tosin Adebayo, a spokesperson for Codefest Africa. “We’re not just organizing a hackathon; we’re building a national stage for innovation that changes lives. Projects like AjoSave are proof that Nigerian tech is ready to lead globally.”
With a Guinness World Record recognition and support from Globus Bank, the hackathon demonstrates a model where public-private collaboration fuels creativity and youth empowerment — essential ingredients for the future of Nigeria’s digital economy.
Societal and Economic Implications
The broader societal impact of AjoSave goes beyond technology. It speaks directly to the socioeconomic empowerment of women, traders, and artisans, who form the backbone of Nigeria’s micro-economy. By offering them a transparent savings platform, the app encourages financial discipline, collective trust, and long-term planning.
Economically, it could expand Nigeria’s credit base, improve household savings rates, and reduce financial exclusion, aligning perfectly with the Central Bank of Nigeria’s National Financial Inclusion Strategy.
“Every time a trader in Aba, a tailor in Kaduna, or a hairdresser in Lagos saves digitally, Nigeria’s economy grows stronger,” remarked Dr. Eke. “That’s the power of tools like AjoSave — it connects the smallest financial acts to the biggest economic outcomes.”
Voting and Participation Details
Supporters can vote for AjoSave to win at Codefest NigHack ’25 by contributing ₦100 per vote to:
- Bank: Globus Bank
- Account Name: Codefest Nigeria Hackathon
- Account Number: 0064267441
- Voting Period: 8th – 30th October 2025
- Expo & Awards Date: 20th November 2025
- Total Participants: 5,000+
- Prize Pool: ₦5,000,000
Looking Ahead: Building the Future of Trust
As the world moves toward a more digitized financial landscape, AjoSave’s mission remains grounded in community values — trust, integrity, and shared prosperity.
“We believe that technology should amplify what already works in our society,” said the team lead. “AjoSave isn’t trying to replace tradition — it’s using innovation to preserve and strengthen it.”
If successful, the app could become a model for Pan-African financial inclusion, exporting Nigeria’s ingenuity across borders while reaffirming Africa’s capacity to design solutions that work for its people.
Conclusion
AjoSave is not just a fintech innovation — it’s a movement to rebuild financial trust in Nigeria, one savings group at a time. As it competes for recognition at Codefest NigHack ’25, the project reflects a new wave of socially conscious innovation — where technology doesn’t just build apps, but builds communities, opportunities, and a more transparent future for all.
“Our dream,” the team summarized, “is to make trust the most valuable currency in Nigeria’s financial future.”
