Sankofa Innovation: How Companies Continue to Drive the Economy Through Cultural Retention

Sankofa is a word in the Twi language of Ghana meaning ‘’to reach back and get it done’’. The concept is depicted by a bird that has its head turned backward with a precious egg in its mouth. Sankofa denotes an inquiry into the past for what is good and bringing it into the present to influence a positive change. Sankofa innovation therefore entails the progress recorded based on critical reflections, regeneration and improvement of historical facts.

Observation has revealed that several ideas that have developed in the modern economies, especially in the startup ecosystem of Africa have not been particularly new ideas but are modernized adaptation of the ancient ingenuity. From Fintech to Agritech, old and almost forgotten values and practices are now being recalled and rekindled to extend economic prosperity.

For instance, esusu is a word that dates back to the Yoruba traditional economic system which has found its way into modern finance and financial services. Esusu is a traditional form of cooperation whereby individuals contribute to informal savings and develop a robust credit system for their mutual benefits. Leveraging on the force of numbers combined into a unit, esusu helped the individuals to meet their financial needs which they could have failed to meet individually.

Nigerian-American Fintech unicorn, Esusu financial, is leveraging data solutions to help its clients have access to any property of their choice through credit building and rent reporting to the credit bureau. In 2022, Esusu financial was reported to have reached a valuation of $1billion in less than six years the company was founded. Another company, Esusu Africa, a Nigerian based microfinance, leverages digital technology to deliver financial management solutions to financial service providers and their customers while ensuring ease of contribution and collection of thrift and access to microcredit facilities.

In the agricultural sector, ideas such as crowdfunding and crowd-sourcing saw the emergence of many startups. Crowdfunding and crowd-sourcing for projects within the agritech ecosystem also have their root in the traditional Yoruba economic system. In the traditional African societies, agriculture was the mainstay of the economy.

Among the Yoruba people of south-western Nigeria, the practice of Aro and Owe was adopted by farmers to embark on a large agricultural project that may be impossible for an individual to handle alone. Aro and Owe were a corporative farming arrangement where kinsmen formed a consolidated work-force to work a large farmland. These systems not only awakened a sense of collective ownership among the farmers, it made work easier and faster for them and foods were available to the community.

Both Esusu and Owe and Aro represent historical evidence of collaborative work for common good and the need to preserve this work ethic for sustainable development.