Before the advent of, traditional ways of saving money were in existence. People saved for different reasons and the topmost was to begin businesses or to make a purchase. Savings has always been a lifestyle of man.
Asides online savings platforms such as, Piggyvest, and Cowrywise, there are traditional ways of saving money in Nigeria
that can help you achieve your financial goals and targets.
This is also known as Esusu amongst the Yoruba, Isusu in Igbo and Adashi amongst the Hausas. Thrift societies have existed in time and is not a new feature. It has existed in time as a traditional way of saving money. It is an informal community-based savings scheme. The community can be made up of individuals hailing from a particular area, work colleagues, traders, farmers in a settlement etcetera.
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Thrift societies were documented to have originated from the Yoruba tribe of Western Nigeria.
The thrift societies work by financial contributions from members on stipulated time frames. The time frame could be weekly, fortnightly, or monthly. Each member of the group takes turns collecting the pooled money on monthly basis or as when agreed upon. The member to benefit from the contribution that month, is agreed on by a ballot system.
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Summary
Traditional ways of saving money are not trustworthy, neither are they high yield. In recent years, financial literacy has made us get exposed to better savings opportunities that your high interest.
Saving money is good and should be encouraged but with the ever-rising cost of living, saving money makes you accrue losses. It's more ideal to invest money than save. Investing generates a higher interest as against just saving money. In recent times, there exist online platforms that can educate you on Investments to make and how to invest your money.