In African fintech, we often celebrate innovation in terms of speed, automation, and sleek UX. But the future of inclusive finance may lie not in what’s new, but in what we’ve forgotten.
Across the continent, millions still save daily through systems like ajo (Yoruba), esusu (Igbo), stokvels (Southern Africa), and chamas (East Africa) — not apps. These are not relics of the past. They are functioning, resilient micro-economies with clear rules, embedded trust, and a social logic that has worked for generations.
And yet, why do most fintech products ignore them?
That’s the lens through which the author — who leads product at myCircle Africa, a community-driven fintech platform built on social savings logic— examines Africa’s fintech design gap in this guest post.
As product leaders, we often default to Silicon Valley playbooks. We prioritize frictionless onboarding, gamified nudges, and automated flows — all valid tools. But without cultural context, these tools become tone-deaf. They solve for behaviors that don’t exist and overlook the ones that do.
When I joined myCircle Africa as Head of Product, I didn’t start by launching features.
Our early fieldwork revealed that users weren’t afraid of saving. They were afraid of being the only one saving, in silence. They didn’t need more tools. They needed more visibility, shared rhythm, and mutual accountability.
Ajo wasn’t just about money. It was about ritual, trust, and community rhythm. Saving wasn’t isolated — it was collective, observable, and built on belief. That insight reshaped everything we built.
So we didn’t just digitize group saving. We translated it.
We designed structured digital saving circles modeled after ajo and esusu logic: clear roles, defined contributions, transparent group settings, and a familiar language. The product didn’t ask users to trust fintech. It asked fintech to trust users.
Later, we applied the same behavioral insights to individual saving with Spend & Save — a feature that lets users automatically save a percentage of each transaction into personal or group pots. It mimics thrift culture, but meets users where they already are: in commerce.
The results?
Over 70,000 active savers.
Hundreds of user-led savings circles.
More than ₦75 million in savings-led revenue in the first six months.
Behavior change is rooted in culture, not just code.
That journey earned me the 2024 Nigeria Technology Award for Most Exceptional FinTech Professional of the Year. But more than the recognition, it confirmed something deeper: in low-trust markets, fintech isn’t won through features. It’s won through belief earned.
We learned that trust is the product. In low-trust environments, users don’t adopt features — they adopt belief systems. Design must make trust visible, not just promised.
Cultural familiarity beats technical novelty. Instead of reinventing flows, we built on existing behavior: ajo, group logic, social cues. We let technology enhance what people already trusted.
Translation isn’t just structural — it’s behavioral. We embedded rhythm into saving flows, added group visibility, and mirrored real-world contribution cycles. That structure became the product.
Financial inclusion is not feature inclusion. Inclusion doesn’t mean giving everyone the same tool. It means building for how people already behave, think, and trust.
Social logic scales, when structured well. We found that rhythm — not reminders — drives saving. Social proof beats gamification. Circles outperform dashboards.
As Africa’s fintech ecosystem matures, we must move from designing for conversion to designing for belief. That requires humility, behavioral fluency, and a willingness to unlearn.
The best fintech products won’t just mirror what’s happening in the West. They should translate Africa’s trusted saving behaviors into scalable digital systems — not overwrite them.
After all, Africans aren’t waiting to be saved by apps. They’re already saving, every day, together. Our job is to build technology that respects that wisdom, not erases it.
About the Author:
Oluwatobi Oladapo is Head of Product at myCircle Africa, a community-driven fintech platform. His work focuses on behavioral product design, financial inclusion, and trust-first systems for emerging markets. He is a recipient of the 2024 Nigeria Technology Award, co-host of Nigeria’s national STEM TV show, and a mentor to early-stage product leaders across Africa.
