KoboMonie

Ajo and esusu savings groups where the app keeps the record and makes sure everyone pays before anyone collects.

Role: Fintech platform
Problem: Savings groups run on a group chat and the organiser's notebook. Nobody else can check who paid, and the member who collects first can stop paying.
Constraint: Real money in a licensed bank wallet, for people who already trust the old way.
Outcome: Groups that collect, pay out and enforce their own rules, with a shared record of who has paid.

What it is

Ajo and esusu are a common way to save in Nigeria. A group agrees to put in the same amount every week or month, and each cycle one member takes the whole pot.

KoboMonie puts the whole group in one app. Everyone pays in from their wallet, everyone can see who has paid, and the pot goes out when the cycle is complete.

What it solves

Most groups are run by one organiser with a WhatsApp group and a notebook. Members can't see the record, so arguments about who paid are common.

The bigger risk is the member who collects early and then stops paying. The people at the end of the payout order carry that loss. A normal savings app doesn't fix this, because the problem isn't saving. It's trusting the rest of the group.

How we approached it

Circles

Anyone can start a circle by setting the amount, how often members pay, how many members there are, who can join, and the minimum verification level. Members join from an invite, and the payout order is set at the start. If two members want to trade places in the order, one sends a request and the other accepts it.

Each circle shows where it stands: the current cycle, who has paid, what's due next and when the circle ends.

Paying in and collecting

Contributions come out of the KoboMonie wallet. Once everyone in the cycle has paid, the pot goes to that cycle's member. Nobody can collect while someone in the cycle still owes.

Locked savings

A payout arrives in two parts: 40% you can spend straight away, and 60% that stays locked until the circle finishes. Collecting early is still worth it, but leaving the group early costs you most of what you collected.

The wallet shows both amounts side by side, so members can see the rule instead of finding it in the terms.

Wallet

Every verified user gets a real bank account number. Users fund it by bank transfer, withdraw to any bank, send money, and buy airtime, data and electricity from the same balance.

Trust and security

To join a circle, a user verifies their BVN and opens the wallet, so every member is a real, identifiable person. The app itself locks behind a PIN or biometrics.