Tekedia Capital made an additional investment in AjoMoney this month. Today we are pleased to announce that AjoMoney is now called Tyms Africa: “The new name Tyms Africa is from the word Times which can either mean several or period. Two months ago, we pushed out a sub-product called Tyms, which is the Tyms microcredit run by ROSCA for financially excluded Nigerians. We were able to communicate our solution and differentiate our offerings easily without having to include the name ‘ajo’”.
The core business remains – and it is digitization the revolving savings and credit association (ROSCA). Well done Ibrahim Adepoju and Chineye Ochem.
To learn more about Tyms, go here . For Tekedia Capital, here.
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With this rebranding, the focus will now be on the great products instead of why ajo, not esusu, ego ozuzu, etc.
AjoMoney, a Nigerian Fintech founded in 2021 to digitize the revolving savings and credit association (ROSCA) also known as ajo or esusu or adashe in Nigeria, has announced its ongoing cross-platform rebranding and name change to Tyms Africa .
AjoMoney has been a good name but it has limited us to just oh within sales, pivoting, expansion, customer relations and better communication of our offer beyond the usual oh. While ajo is a term used for ROSCA by the Yoruba tribe in Nigeria, it can also refer to many other forms of savings beyond the community finance network.
We are building an alternative financing and credit platform leveraging the revolving savings and credit association (ROSCA) model to serve micro-enterprises in need of micro-credit, as well as SMEs, corporate employees and even Africans in the diaspora. We enable them to leverage their community in a more modern and digital approach with data-driven membership decisions.
Over time, many people were unable to distinguish our solution from other brands whose names also contain the word ‘ajo’, until they took the time to consume our service, and this made it difficult for many people to understand our differentiation.
The new name Tyms Africa is from the word Times which can either mean several or period. Two months ago, we pushed out a sub-product called Tyms, which is the Tyms microcredit run by ROSCA for financially excluded Nigerians. We were able to communicate our solution and differentiate our offerings easily without having to include the name ‘ajo’.
Our clients have also experienced multiple growths (more) in their endeavors using our platform, and we always come in when they need us most (period).
So we decided to go with a name that communicates our solution and our customers’ experience, with enough flexibility to alternate the solution, introduce new products and also facilitate our local and international expansion.
With our ongoing expansion in Rwanda and Uganda. We also see the name as the best for our product.
Over the next month, Tyms Africa will expand the penetration of its inclusive microcredit solution powered by ROSCA to micro-enterprises (i.e. mom and pop shops) who will be able to access no-burden short-term credit to scale their business without having to submit a bank statement, no internet needed and no security required. AsidesTyms Microcredit, Tyms ROSCA, which is the digital ajo or esusu for MSMEs and corporate employees has also been upgraded with full functionality, securities and automation, enabling Africans at home and in the diaspora to operate a contribution collectively without hassle.
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