Chapter 8: Structure of Indigenous Savings Groups in Nigeria: Cases and Implications for Business Actors

This chapter presents case studies that explore the structures of indigenous savings group practices in Nigeria. Indigenous savings groups in Nigeria can be categorised as either unstructured, semi-structured or structured. These categorisation of savings groups can follow two patterns, which include Rotating Savings and Credit Associations (ROSCAs) and Accumulated Savings and Credit Associations (ASCAs). Through a qualitative case analysis of savings practices in Nigeria, we observed that the indigenous savings groups have similar goals and orientations, though their operating structures differ. The chapter highlighted the relative theme that cuts across these cases, and insightful recommendations are provided for upscaling and adopting indigenous savings groups in Nigeria and Africa. The chapter also discusses the role of government in facilitating savings and credit disbursement to groups. The implications for business actors and the government are highlighted.