AjoCard

What AjoCard does

AjoCard is a Nigerian CBN-licensed microfinance fintech that delivers daily savings collections, micro-credit, payments, and health insurance to unbanked and underserved Nigerians, with a primary focus on open-market retailers. Its core platform is mobile-first, distributed through the AjoCard app on Google Play, supplemented by USSD access and NFC-enabled physical membership cards that allow customers to transact with a network of Personal Bankers (agents) who conduct daily in-person savings collections in markets. Underpinning the offering is a three-tier CBN-compliant KYC system with BVN/NIN verification, a transaction savings wallet that deploys customer funds into Treasury Bills via a CBN-licensed fund manager, and documented APIs that enable partners and government agencies to embed savings, payments, insurance, and bulk disbursement into their own platforms.

The company monetizes through multiple streams: interest on instant 30-day micro-loans of up to ₦100,000, transaction and service fees on deposits/withdrawals/transfers/bill payments, commissions on Personal Banker-issued membership cards, the spread between returns paid to customers and yields earned on its Treasury Bill savings wallet, and subscription revenue from YondaCare health insurance priced at ₦1,500 per period across a 750+ hospital network in Nigeria. Its go-to-market is hybrid: product-led via the Play Store and self-serve app, community-led through Personal Bankers physically onboarding retailers, and API-led for financial institutions, licensed super-agents, and government agencies seeking to extend reach into underserved populations. Founded in 2017 by Ike Eze and headquartered in Lagos, AjoCard operates as AjoCard Limited (RC 7256303) with 11-50 employees and has raised approximately $1.03M in a single disclosed funding round led by Beta.Ventures in July 2021.

Name

AjoCard

Legal name

AjoCard Limited

Website

https://ajocard.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

AjoCard is a CBN-licensed Nigerian microfinance fintech providing daily savings, micro-loans, payments, and health insurance (YondaCare) to unbanked Nigerians and open-market retailers via a mobile app, NFC cards, and a Personal Banker agent network.

Ownership category

akta.pro rank

Product category

Microfinance

NAICS

Depository Credit Intermediation (5221), Finance and Insurance (52)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

akta.pro secondary industries

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Embedded Insurance Distribution & Premium Financing (FSAGALAF)

Keywords

• Microfinance banking
• Agent banking
• Digital savings
• Micro-lending platform
• Mobile payments

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Micro-loan Interest: Revenue generated from interest charged on instant 30-day micro-loans of up to ₦100,000 provided to open-market retailers and small business owners.
2. Transaction and Service Fees: Fees charged on various transactions including deposits, withdrawals, transfers, and bill payments. The fee schedule is available at agent locations and through customer support.
3. Insurance Premiums (YondaCare): Revenue from offering affordable health insurance at ₦1,500 across 750+ hospitals in Nigeria. Customers subscribe to the YondaCare insurance product through the AjoCard platform.
4. Personal Banker Commissions: Personal Bankers earn commissions from membership cards sold and fees on the first day collection of customer savings. AjoCard earns from the spread and transaction volume generated through its agent network.
5. Treasury Bill Investment Spread: The Transaction Savings Wallet invests customer funds in Treasury Bills; AjoCard earns from the spread between returns paid to customers and actual investment returns.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

AjoCard is a CBN-licensed microfinance fintech that delivers daily savings collections, 30-day no-collateral micro-loans (up to ₦100,000), affordable health insurance (YondaCare, ₦1,500 across 750+ hospitals), and micro-transaction payments to Nigeria's unbanked and underserved, primarily open-market retailers. Its distribution combines a mobile app and USSD channel with a physical "Personal Banker" agent network that performs daily on-site onboarding and collections, while documented APIs allow financial institutions and government agencies to embed its savings, insurance, and bulk-disbursement capabilities into their own platforms.

Product overview

AjoCard is a financial technology company offering a unified platform of financial services for the unbanked and underserved in Nigeria. The core product portfolio consists of Micro-Savings (daily savings collections for open-market retailers), Micro-Loans (instant 30-day micro-loans up to N100,000), Insurance (affordable health coverage via YondaCare), Payments (instant bill payment services for mSMEs), and Ajo Wallet (secure mobile wallet). These products work together within a mobile app ecosystem supported by a network of Personal Bankers who provide in-person onboarding and daily collections. AjoCard is licensed by the Central Bank of Nigeria (CBN) as a microfinance institution.

Differentiator

Problem solved

Functional benefit

Brands

• YondaCare: Affordable, hassle-free health insurance product offering coverage across 750+ hospitals in Nigeria for ₦1,500
• Ajo Wallet
• Personal Banker

Products and services

• Micro-Savings Daily savings collections service for open-market retailers, enabling customers to set aside small amounts daily toward business goals through a secure platform with in-person collection by AjoCard Personal Bankers and real-time alerts.
• Micro-Loans Instant 30-day no-collateral micro-loans of up to ₦100,000 for underserved businesses and open-market retailers, helping merchants grow their businesses with quick microcredit.
• YondaCare Insurance Affordable basic health insurance plan priced at ₦1,500 that provides access to an all-inclusive health plan across 750+ hospitals in Nigeria, distributed through the AjoCard platform.
• Payments Micro-transaction payment service that lets mSMEs send, receive, deposit, withdraw, and pay utility bills through online and offline channels, supporting everyday commerce needs of micro and small businesses.
• Ajo Wallet Secure digital wallet that lets customers save and make payments anywhere, with the customer's phone number functioning as the account number for easy identification and transfers.

Quantifiable outcome

• Saves customers from fraudulent traditional ajo collectors
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Financial InstitutionscoreTechnology or IntegrationAjoCard provides APIs for financial institutions to embed savings, insurance, and bulk disbursement capabilities into their existing banking systems, extending services to unbanked populations.
• Licensed Super-AgentscoreChannel Partner/ Reseller/ DistributorLicensed Super-Agents leverage AjoCard's technology and agent network to expand their reach and offer micro-financial services to underserved communities.
• Government AgenciesflagshipStrategic or Co-development PartnerAjoCard partners with government agencies to facilitate bulk funds disbursement and financial inclusion programs for beneficiaries.
• AccelerexminorOthersAccelerex is listed as one of the trusted businesses that uses or partners with AjoCard.
• MizalaminorOthersMizala is listed as one of the trusted businesses that uses or partners with AjoCard.
• GIZminorOthersGIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit) is listed as a trusted partner, suggesting potential development/technical cooperation.
• YondaCarecoreStrategic or Co-development PartnerYondaCare is AjoCard's health insurance product partner, offering affordable health coverage at ₦1,500 across 750+ hospitals in Nigeria. Integrated into the AjoCard platform.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• PalmPay: Africa-focused mobile money and payments super-app with deep agent network in Nigeria offering transfers, airtime, savings and credit. Overlaps with AjoCard on agent distribution, payments and unbanked-customer focus but operates at larger scale.
• Kuda Bank: Nigerian digital-only bank offering savings, payments, cards and credit to individuals and SMEs. Comparable on product suite (savings + payments + credit) and Nigerian retail focus, though Kuda targets more urban/digitally-savvy customers than AjoCard's open-market retailer base.
• OPay: Nigeria super-app offering payments, savings, credit, ride-hailing and food delivery through a vast agent network. Broader and better-funded than AjoCard but operates in the same unbanked-merchant segment with overlapping savings, lending and agent distribution.

Direct peers

• Paga: Pioneer Nigerian mobile money and agent-banking platform enabling deposits, withdrawals, transfers and bill payments for the unbanked. Highly comparable to AjoCard on agent-led distribution model and financial inclusion mission.
• FairMoney: Nigeria-rooted digital lender serving salaried workers and micro-businesses with instant loans, savings and bills. Directly comparable to AjoCard on Nigerian retail/SME target segment, mobile-app delivery and microcredit-led model.
• Renmoney: Nigerian online lender and MFB offering personal and SME loans, savings and investments to salaried workers and micro-businesses. Comparable to AjoCard on Nigeria-focused microcredit + savings model and MFB regulatory standing.
• Moniepoint (formerly TeamApt): Nigerian agent-banking and payments platform serving SMEs and merchants with POS, accounts, credit and disbursements. Comparable to AjoCard on agent-led merchant distribution and CBN-licensed Nigerian fintech positioning.
• Branch International: Pan-African digital lender offering instant mobile loans, savings and payments to underbanked consumers and small businesses across Nigeria, Kenya, Tanzania and India. Directly comparable on mobile microcredit for underserved populations in Nigeria.
• Carbon (formerly Paylater): Nigeria-based digital lender and financial platform offering personal loans, savings and bill payments to underbanked consumers and SMEs. Closely comparable to AjoCard on target market (Nigerian unbanked/underserved), product mix (credit + savings + payments) and mobile-first delivery.

Emerging players

• M-KOPA: Pan-African pay-as-you-go solar provider that layers embedded credit, savings and insurance onto its asset financing. Comparable to AjoCard on the model of using daily customer touchpoints to underwrite and serve unbanked Africans with integrated financial services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ajocard
• Facebookfacebook.com/ajocard1
• LinkedInlinkedin.com/company/ajocard

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AjoCard