Traditional ‘Kolo’ Enters Digital, Financial World

In those days the traditional piggybank, known as ‘‘Kolo’’ in many Yoruba communities gained prominence as a money-saving kit, and was widely used by children and adults.

Investigation however reveals that due to the absence of banks in many rural areas, some people still use the traditional ‘kolo’ and other means of such as daily contribution, popularly called ‘Ajo’ to achieve their savings and investment goals.

Perhaps, it was this scenario that prompted some young Nigerians to develop what is called ‘Kolomoni’, which appears to be a digitized version of the traditional piggybank.

Executive Director, Credit Assist Investment Limited, Mr. John Alamu, explained that the concept of ‘Kolomoni’, according to him, alleviates poverty through financial inclusion, especially of people living at the grassroots.

Mr. Alamu, who is one of the brain behind the ICT initiative, maintained that ‘Kolomoni’ would a;so enhance the growth of small and medium scale enterprises.

But how can people benefit from the various savings plans and loan facilities offered by ‘Kolomoni’?

Again, Mr. Alamu speaks, describing every android and i-phone users as eligible customers.

According to Mr. Alamu, ‘Kolomoni’ is not unaware of the intricacies of the financial market, hence customers savings are insured by the Nigerian Securities and Exchange Commission.

Kayode Oguntona


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