Etini
Valued Contributor
In Nigeria, there is what we call contribution. I don't know if it exists in other climes. It is an informal way of saving money. In this system, a group of people comes together and agree on a specific amount. This amount is what every member of the group would contribute. They then decide on the period of contribution. They can decide to contribute monthly or weekly.
Every cycle of the contribution represents one round. And for each round, the pulled funds are given to one member of the group, and it goes round so everyone can be given the bulk sum. I love it because it helps you to save money for big projects. It also helps people go don't have a banking culture to develop a saving habit. This form of saving is supposed to be done only with people who have a high level of trust. It also requires that the group is realistic as regards the amount every member of the group can easily meet up with.
Every cycle of the contribution represents one round. And for each round, the pulled funds are given to one member of the group, and it goes round so everyone can be given the bulk sum. I love it because it helps you to save money for big projects. It also helps people go don't have a banking culture to develop a saving habit. This form of saving is supposed to be done only with people who have a high level of trust. It also requires that the group is realistic as regards the amount every member of the group can easily meet up with.