In Nigeria, the traditional thrift system, Ajo, Esusu, or Adashi, has been deeply ingrained in local culture for over a century. However, this age-old method of daily targeted savings for traders and local businesses has been plagued by distrust, slow processes, paper-based transactions, fraud, and the risk of losing funds. Recognizing the need for a transformation, Arich, a fintech company, has quietly revolutionized the traditional thrift system by digitizing and streamlining the savings process for retailers and local traders.
The existing thrift system has remained largely unchanged for years, leaving traders and businesses vulnerable to various risks and inefficiencies. Arich identified this problem and understood the pressing need to provide a modern and secure solution that addresses the pain points of local businesses. By digitizing the savings process, Arich aims to instill trust, improve efficiency, and empower retailers and traders to achieve their financial goals more effectively.
Arich has made significant strides in transforming the thrift system and empowering local businesses through its innovative approach. The company recently celebrated its two-year anniversary, boasting impressive metrics: over $4 million in transactions, a network of 30,000 retailers, and a growing network of over 2000 agents and branches in Lagos and Enugu. These achievements are a testament to the relevance and impact of the problem Arich is solving for retailers and traders in Nigeria.
Arich Co-founder and CEO: David Chijioke.
Awele Akeze: COO/Co-founder
Arich’s mobile app is a digital platform where retailers can quickly deposit and withdraw their savings, set financial goals, and track their progress. To enhance accessibility, Arich leverages its widespread network of distributed agents who act as touchpoints for cash deposits and withdrawals. This approach ensures convenience and familiarity for savers, enabling them to transact locally easily.
Arich’s success lies in its hybrid model, which combines the convenience of digital savings with the trust and reliability of a local collector. By blending technology and local networks, Arich provides a seamless and user-friendly experience for its users. Through this innovative approach, Arich is bridging the gap between traditional thrift practices and modern financial solutions, ultimately driving financial inclusion and empowerment for local businesses.
Arich’s mission to revolutionize the traditional thrift system in Nigeria has yielded remarkable results. By digitizing and streamlining the savings process, Arich is driving positive change in the lives of retailers and traders, fostering financial inclusion, and empowering local businesses. As Arich continues to grow and expand its reach, it is set to reshape the financial landscape and inspire a new era of secure and efficient financial practices for the underbanked and local market clusters in Nigeria.
You can speak to the Arich team here and start your journey or contact: support@myarich.com
