'AJO' OR DEBT? - by Princess Chronicles

"Madam, I never said I won't pay. I said give me till Friday!"Shade's voice was already rising. Her brows were knitted, and her hands were flying in frustration. "Oh, chim! Friday ke? Omo, today is Wednesday o!"The woman (Ajo collector) standing opposite her threw her hands in the air. "Abeg, no vex. Something came up."Shade's eyes widened. "Something came up?Is it my problem? Your Ajo is today!" She turned towards the other women around the table, as though she needed witnesses."Number 7 go collect him money o! He has already planned what he wants to use the money for." And that was the problem.It wasn't about Shade's money or number 7's money. One person's delay could push the next person's plans backwards, and before you know it, everybody around that table was waiting for one person to keep their end of the bargain. That's the interesting thing about Ajo:it has a way of turning friends into debt collectors.. You join so you can gather money.Maybe it's ₦50,000 every month.Or ₦200,000 every week..."I want to collect my own early and use it for something important." Shey Ajo dey work true true?Stay with me.Our mothers, aunties , market women knew what they were doing. Before savings apps became a thing, before you could lock money away with a few taps on your phone, people were already creating systems that forced them to save. You contribute.Someone collects.You continue contributing.Everybody gets their turn.Until your own turn has passed... And suddenly, you are looking for the next person full payment. "Aunty, where is my money?""Please, just manage me till next week.""Next week ke? But na today be my collection day!" And that's where the beautiful discipline of Ajo can sometimes become its biggest problem.Your money is no longer entirely in your hands. You are saving, yes.But you're also depending on everyone else to keep saving. And if one person disappoints?Omo.Everybody has a problem. But there's another thing Ajo does that we don't talk about enough. It can make people feel richer than they actually are.You join a ₦200,000 Ajo because you know that when it's your turn, ₦2 million will land in your account. And immediately, your brain starts shopping.New phone, new wig, vacation, rent."I'll sort everything when my Ajo drops."Then your Ajo drops. And the money that looked like a mountain three weeks ago suddenly starts looking like a small hill. Before you know it:Ajo collected. Money finished. Contributions still remaining. Now you're under pressure to produce money every week or every month for a commitment you made when you were feeling financially optimistic...😂 Then came another form of saving.The bank.People started putting their money in personal savings accounts. You didn't need to wait for 10 people or chase anybody.Then technology entered the matter. Now you have platforms like Cowrywise, OPay and others making it easier to save digitally, automate savings, set goals and, depending on the target, potentially earn returns. Saving became less about:"Who is collecting Ajo this month?"and more about:"What am I building with my money?" Ajo has social pressure.Savings has self-discipline. In Ajo, somebody can call you:"Madam, your money!" In a savings plan, nobody is standing over your head.The app can send you reminders.It can notify you.It can help you automate the process. But, most importantly The kini dey your hand.Na you. Nobody will beat your door at 7 a.m. because you haven't saved this month.Nobody will shout:"Shade, your contribution!" 😂 You have to develop the discipline yourself. And that's why I think the bigger conversation is...What kind of financial life are you trying to build? If you need a structured way to contribute towards a short-term goal with people you genuinely trust, Ajo can work. But if you're trying to build a personal financial cushion, create an emergency fund, work towards long-term goals and develop a consistent saving habit, I would choose personal savings. Because I don't just want money to come to me.I want to learn how to keep it.I don't want to wait for my turn to collect ₦2 million. I want to be able to look at my account and know that I have been quietly building something for myself.And perhaps that's the biggest difference. Ajo teaches you to wait for your turn.Savings teaches you to build your own. So, if someone gave you ₦200,000 today and said:"Ajo or personal savings"Which one are you choosing? Which one are you picking?And please, don't say Ajo because:"At least somebody will disturb me to pay." 😂

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