How To Start Thrift Collection Business In Nigeria

Starting a Thrift Collection Business is very simple and down to earth. You do not need much investment, all you need is your personal reputation, marketing ability, time, and consistency. This article brings you how you can start a thrift collection business in Nigeria.

What is Thrift Collection?

Thrift collection business is a daily money collection business just as the name implies. Here you have to go round homes, offices, houses, shops, institutions etc. to collect money from people; keep it for them for some days. Sometimes 30 days or more depending on individuals. At the end of the month you take out 1% of the money contributed by each individual as your percentage while remitting the remaining money to the depositor. Assuming someone gives you #800 everyday for 31 days, you will give the person #24,000 at the end of the month while you keep #800 for yourself.

The business does not require any particular qualification, anybody can do it whether educated or uneducated. The business can be started without capital except for the cards and record book to be used.
Thrift collection business is referred to as ajo in yoruba, adashe in hausa, etibe in Ibibio and osusu in igbo land.


How To Setup Your Thrift Collection Business

Very simple! Probably the simplest business anyone can start but it requires hard work and good marketing skills. To get started, you need the following things in place:-

1. Record Cards

Sorry I have discarded all my cards, I’d have uploaded the picture for you to see but, if you have done anything with Ajo people before, you should know the type of card I’m talking about. It is the card given to the depositors, where the thrift collector used to record the payment made by the customer each day. If you haven’t seen it before, ask around you must see one or two persons who may give you the sample to see.

Print about two hundred copies or any number of prospective customers you think you can reach. Some people use to collect N50 from new customers before giving out the card, you may give yours for free as I did during my own time.

2. Cash Register

It is not just enough to register the money collected on the depositors record card, you need to register it on your cash register too. Every entry has to be accurate and signed by you on both record books

3. Sales Girls/Boys

Many have been maimed in this business by the sales girls/boys they hired. If you are to employ the service of sales persons who will be in charge of marketing and collecting the funds, you must hire from your family. Such person must be a close trusted family member with good track record. This business involves handling of money on daily basis, do not hire strangers to do this for you.

4. Business Cards

This is part of your marketing strategy. You need a business card you can hand out to potential costumers


1. Integrity

This should be your watch word and your guiding light. It can’t be bought with money so if you are not sure you have it please don’t start the business. Because it is a business bank on truthfulness. Any crafty or cunning behaviour the people will run. Nobody wants to risk his/her hard earn money.

2. Good management

you should be able to manage any money that is kept in your care. If you are someone with big eyes then this business is not for you, leave it for others. You shouldn’t be extravagant with people’s money rather you should be prudent enough to reinvest it. Look for something that can yield money before the cycle completes.

3. Consistency

you have to be very committed and consistent, try as much as you can to go round every week days. And if you must be absent it should be for a genuine reason but you have to let the people know before hand. Except otherwise, maybe in moments of impromptu. Nobody will like to continue with you if you are the type that goes today and stay back tomorrow. The depositors will be afraid that one day you may disappear with their money.


  • It does not need much capital with #10,000 you can start the business. This will cover; card printing, purchasing of record book and pen.
  • You don’t have anything to lose in this business rather you have all it takes to succeed. Once someone deposits #1 whether for one day the money is your own whether the person stops or continues.
  • It is possible to make huge money depending on the population you are dealing handling and the amount the people contributes.
  • Plenty people means plenty money and big contribution means big output.
  • You are your own boss and not under any pressure or conditions.
  • Your home can be your office but for security reasons chose elsewhere. Not necessarily a rented place for use but a traceable address that will give your customers the confidence that you are not fake.


  • A bag for carrying the record book, money and thrift card
  • Pen for recording the inflow and outflow of cash
  • card that will be given to newly registered member which will contain their address
  • Long hard cover book/software for recording entries
  • Mobility (if you can afford it)


Print your thrift collection business name boldly in front of the card which will make It easy for people to identify with you. The inside should have both vertical and horizontal lines that forms a block or square. The vertical line is for months of the year while the horizontal is for days of the week.


There is good money in osusu business but the amount of money you make will depend on the number of people you have and the amount they contribute. Contributors contribute different amounts. One can contribute #500 another one #1,000 and so on and so forth.
Although the money you make from percentage at the end of the month may be small, what you do with the money collected before remitting them is what will enrich you.


Invest the money

You can quickly invest the money in a business that can give you high returns at the end of the month. It could be a supply business, buying and selling etc. It must be a business that will not exceed one month.

Give quick loan

You can use the money for debt interest or loan. The percentage could be 10%-20%. Some persons collect 10% if the person is bringing back the money within a month and 20% after a month. Assuming you gave #100,000 to someone the person is supposed to give you #110,000 at the end of the month or #120,000 after a month. That makes sense isn’t it?

Set up a business with it

You can convince your customers to leave their money for some months. Reduce the commission so they can accept the proposal. You can then use the money to set up a good business.


1. Criminals

Like every money business, the danger of being attacked by robbers and hoodlums is always there, especially if you do collect large sum everyday. You have to device means of conveying your money in a secure manner.

2. Friends and Family

Once they know you collect money on daily basis, they don’t want to know how delicate the fund is, they would
want you to use it in solving their own problems first. Some will come for loans and insist they will get it, after all, there is money in your hands. They will begin to come up with useless business ideas hoping to finance it with the money you collect.

You need to be firm, extremely firm in your decisions never to borrow anyone from the money because if you do, then prepare to go to jail since it’s obvious they wouldn’t pay.

3. Lack of Self Discipline

You may as well be the greatest danger in your business. Once you have the money in your hands, you begin to dream big in the negative ways – you start engaging in frivolities, showing people you have arrived on top of people’s money.

Please if you know you lack self discipline and proper management skills, do not disgrace yourself by going into thrift collection business. This business is exclusively for decent, well respected people.

4. Poor Decisions

You starts getting people’s money and you begin to think about unrealistic businesses. Invest only in business that is realistic and profitable, a business you have the time a
nd knowledge to manage very effectively.


Start your marketing from people that know and trust you. Thrift collection business is a business that thrive on trust, you must do everything you can to win and keep people’s trust. Your family and friends are good way to start and gain the needed confidence, then you expand to the market women, okada riders, shop owners and workshops within your neighborhood.

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