You can do it in a more general way, but let me first make precise what you wrote in your question.
Although you do not mention it, you work with a directed set $(I,\le)$. You associate to each $i \in I$ an object $G_i$ and to each pair $(i,j) \in I \times I$ with $i \le j$ a morphisms $f_{ij} : G_i \to G_j$, and require that the three conditions in your questions are satisfied.
Let us adopt a more abstract perspective. We can regard $(I,\le)$ as a small category $\mathcal I$ such that
- The set of objects of $\mathcal I$ is $I$.
- The set of morphisms from $i$ to $j$ is empty if $i \not\le j$ and consists of the pair $(i,j)$ if $i \le j$.
With this interpretation, a direct system is nothing else than a functor $G : \mathcal I \to \mathcal C$ into the desired category $\mathcal C$ (you consider the category of abelian groups).
But for each functor $F : \mathcal D \to \mathcal C$ living on any small category $\mathcal D$ we can define the concept of a colimit (see for example here). By a co-cone for $F$ we mean a system consisting of an object $C$ of $\mathcal C$ and a collection of morphisms $l_d : C \to F(d)$, $d \in Ob(\mathcal D)$, such that $F(\mu) \circ l_d = l_{d'}$ for all morphisms $\mu : d \to d'$. A colimit of $F$ is a co-cone $(C^*,l^*_d)$ for $F$ with the following universal property:
For each co-cone $(C,l_d)$ for $F$ there exists a unique morphism $\phi : C \to C^*$ such that $l^*_d \circ \phi = l_d$ for all $d$.
The existence of colimits has to be proved; it depends on $\mathcal D$, $\mathcal C$ and $F$.
If $\mathcal D = \mathcal I$ as above and $\mathcal C$ is the category of abelian groups (or more generally of $R$-modules), then each functor $F$ has a colimit and one calls it direct limit in this case.
What happens if we omit the third condition in your question? In that case we essentially consider partially ordered sets $(I,\le)$ instead of directed sets, and in fact all functors on such $I$ have a colimit. More generally, all functors living on small categories have colimits. See the above wiki-link. But recall that they are not called direct limits.
If you consider a category $\mathcal D$ having no morphisms except identities, then a functor $F: \mathcal D \to \mathcal C$ is nothing else than a collection of objects $F_d = F(d)$ indexed by the $d \in Ob(\mathcal D)$. The colimit of $F$ then is the coproduct of the $F_d$ (if it exists). In the category of abelian groups we get the direct sum $S = \bigoplus_d F_d$ with "canonical embeddings" $\iota_d : F_d \to S$.