AjoCard
“Can an agent-network 'Personal Banker' model digitize daily savings and micro-lending for Nigeria's informal open-market economy?”
Founded2018
HQLagos, Nigeria
Total raised$1M
IndustryFintech / SMB banking
The story
AjoCard is a Nigerian microfinance-licensed fintech serving unbanked and underbanked open-market retailers and mSMEs. It operates a self-branded stack — Ajo Wallet, Micro-Savings, Micro-Loans, YondaCare Insurance, and an investment product — underpinned by its own microfinance bank partner (Save Simple Microfinance Bank) with NDIC deposit insurance. The strategic question is whether an agent-network Personal Banker model can profitably digitize daily savings collection ('ajo') and lending for Nigeria's informal economy.
Product timeline
2018
AjoCard founded in Lagos to deliver financial services to the underserved.· founding
2019
Micro-savings and investment product launched (3,000+ investors since 2019).· banking
2022
Expanded micro-loans and YondaCare health insurance product.· insurance
Regulated entities
1
regulatory licence held by AjoCard
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in AjoCard’s embedded-finance stack
Payments / PSP
AjoCard Payments (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Insurance
in the full report
Sponsor bank
in the full report
Investing
in the full report
Accounting gap: minor
6 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.