Crowdfunding, Crowdfinance, Microfinance? Esusú and Àjọ have existed in Yorubaland for centuries

Crowdfunding is defined as the practice of funding a venture by raising monetary contributions from a number of people.

Here in Europe and also in North American, this new industry is a money spinner. Unless you have been living under a rock for the last few years you would have heard of "Gofundme", "Indiegogo", "Kickstarter", "Crowdcube" etc or reports of people raising thousands or millions of Euros/Pounds/Dollars online. This exciting industry raised raised $34.4 Billion In 2015!

But how did this start? Surely this is not a European or an American invention but an African one.

Prof William Bascom (1) discovered the following in 1937 during his field work in Ile Ife:
"The esusú, one of the economic institutions of the Yoruba of Nigeria has elements which resemble a credit union, an insurance scheme and a savings club, but it is distinct from all of these. The esusú is a fund to which a group of individuals make fixed contributions of money at fixed intervals; the total amount contributed by the entire group is assigned to each of the members in rotation. Aside from the Yoruba, there is an excellent description of this institution among the neighbouring Nupe where it is knowns as dashi (adashi in Hausa), with essentially the same pattern. It has also been recorded among the Negroes of Trinidad, where it is known as susu and where it is obviously an African retentions which can be traced back to a Yoruba origin..."

Also In 1934 C.F. Strickland(2), a British cooperative expert, examined the esusú as a possible basis for modern cooperative societies in Western Nigeria.

There we have it! An African invention now a big money spinner in western world. We the originator however failed to improve and modernise it and bring it into the 21th century!

Àjọ, a variant of Esusú is the daily/weekly/monthly deposit collection at doorsteps or market stalls.

Banks and Credit Unions are very important in the economy of a society. They play a major role in wealth creation.

Ọ̀yẹ̀kú Ọ̀wónrín tells us more about Ajé (Economic Wealth)...

Ajé Kaarọ o
Ajé olókun
Ògúgú lùsọ̀
Ajé oniṣọ booji
Asèwe dàgbà
Asàgbà dèwe
Ẹni ti ẹrú ati ọmọ n fi ojojúmọ́ wa kiri
Ìwọ ni labọmọn ti bori aye
Ajé Ìwọ làjíkí
Ajé Ìwọ làjígẹ̀
Ajé Ìwọ làjípè
Ẹni amuṣokùn
Ẹni amuṣẹdẹ
Ìwọ lani ra ọ̀pọ̀lọ́pọ̀ aran aṣọ ọba ti kona yanranyanran
Ajé àgbà oriṣa jẹ ki n lówó majẹ ki ni ẹ lọrun
Ajé fi ilé mi ṣe ibùgbé, fi ọ̀dẹ̀dẹ̀ mi ṣe iyàrá
Ajé o jire loni oo.

Translation...
Good morning Aje
You Aje, the owner of the sea
You are the one who owns the shelter
Under you, people seek solace
You promote the younger to the position of the elder
And demote the elder to the position of the younger
You are the one being sought by both the slave and the free born
You are the formidable force that rule the world
You are the one we wake up to greet
You are the one we wake up to praise
You are the one we wake up to call upon
Through you beaded jewelries are acquired
Through you costly brass is acquired
Through you several expensive velvet and shinning clothes fit for a king are acquired
You the chief among the gods, give me money and don't let me be a burden to you
Aje come and live in my house, use my corridor as your bedroom
Aje, you have risen well today

References:

1.Bascom, William R. - The Esusu: A Credit Institution of the Yoruba. The Journal of the Royal Anthropological Institute of Great Britain and Ireland Vol. 82, No. 1 (Jan. - Jun., 1952), pp. 63-69

2.Strickland, C. F., 1934: Report on the Introduction of Cooperative Societies into Nigeria. Lagos, Government Printer