Recently I was discussing with a friend about which is better in local saving which is also called ajo or modern application savings where you can save money through an app and you would earn interest on it.
For some reasons based on my experience with how my parents exhaust themselves by paying ajo on a weekly basis I am really not in support of the fact that they get to deposit money but when emergency occurs they have to go somewhere else to borrow because it is not my turn yet to collect the money.
They spend at least 40,000 naira monthly to pay for ajo in their meetings. As pensioners, it is really not beneficial for them at all because before the end of the month they spent more than his bargained for. For some people, ajo is a very good form of savings but I believe that this form of saving money is only beneficial to people who earn interest and get incomes daily. My point is that market women who sell things daily are prone to have interest on whatever sales they make hence Saving from that is beneficial to them that people who depend on salaries.
For me personally, I prefer the modern way of saving money which has to do with opening an application that is backed by the Central Bank of Nigeria where we know that our money is our safe. By doing this we get to earn interest on our savings no matter how small or big. Again, this modern form of saving helps you to withdraw at any given time when you are in need of money or financial down.
In other words, I prefer the use of cowrywise, afri invest, kuda, bamboo and so on to save money. Even the app that will berate the most which is OPAY has a savings plan that people can engage in and earn something either at the end of the month or at the end of the year.
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