Gam'eya Explained

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 come together and contribute a fixed monthly amount into a common pot, each person takes a turn taking all the money at the end of each month.[1] It is also referred to as a chit fund in India and a tanda in Mexico.[2] [3] [4]

Operation

  1. 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. Circle ends when all circle participants gets his/her payout once.
  4. Circle is then usually repeated with the same group of people over again.[5] [6]

Notes and References

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

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Gam'eya".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.