Gam'eya

Gam'eya or jameya is a form of rotating savings and credit association (ROSCAS) used in over 89 countries and communities, particularly in the Middle East. It operates when a group comes together and contributes a fixed monthly amount into a common pot; each person takes a turn taking all the money at the end of each month. It is also referred to as a chit fund in India and a tanda in Mexico.

Operation

  1. A group of friends joins together to contribute a fixed monthly installment into a common pot.
  2. Every month one of the users takes the whole pot as a payout.
  3. The circle ends when all circle participants have gotten their payout once.
  4. The circle is then usually repeated with the same group of people over again.

References

  1. ↑ "Egyptian fintech startup digitizes the gameya". Wamda. June 6, 2017.
  2. ↑ Bouwman, F.J.A. (1983). Indigenous savings & credit societies in the developing world in Von Pischke (Adams & Donald (eds.) ed.). Washington: Rural Financial Markets in the Developing World World Bank.
  3. ↑ Rutherford, Stuart (2000). The Poor & Their Money. Delhi: Oxford University Press.
  4. ↑ Allen, Hugh; Staehle, Mark (2007). "Village Savings and Loan Associations (VSLAs) Programme Guide, Field Operations Manual" (Document). Solingen: VSL Associates.
  5. ↑ Geertz, Clifford (1956). The Rotating Credit Association: a middle rung in development. Cambridge, Massachusetts, United States: Massachusetts Institute of Technology, Center for International Studies.
  6. ↑ Grant, William J.; Allen, Hugh (2002). "CARE's Mata Matsu Dubara (Women on the Move) Program in Niger". Journal of Microfinance, Brigham Young School of Business. Provo, Utah.