Money-Go-Rounds - The Importance of ROSCAs for Women (Paperback, New edition)

On most continents - from the USA to Africa and Asia - various forms of rotating savings and credit associations (ROSCAs) serve men and women of the community, often as their major - and sometimes their only - savings institution. ROSCAs are self-help associations with participants who agree to make regular contributions to a fund which is given, in whole or in part, to each contributor in rotation. All but the last member receives credit, and certain ROSCAs have elaborate systems to meet this. Some even make special provision for inflation and default. They are common in both rural and urban areas and among a range of occupational and income groups, from the poor to white-collar and professional. They are used by women who do not have collateral for other forms of credit, and as such often play an important part in household and business finance. In providing important social and welfare resources, they constitute valuable social capital. Because even women who use banks and building societies may continue to use ROSCAs extensively, formal financial institutions are developing schemes for them.