Where Women Gather, Wealth Grows

Across generations and continents, women have always found a way. From Africa to Asia, from the Caribbean to Latin America, women have built their own systems of saving, lending, and lifting one another up.

In Jamaica and Trinidad, it’s called susu or partner. In Mexico and across Latin America, it’s tanda or cundina. In parts of the Horn of Africa, it’s ayuuto, while in other regions of North Africa and the Middle East it’s known as Jameya. For Malaysians, the term is kutu. In India, it's called chit fund.

These informal savings circles have helped women send children to university, build homes brick by brick, launch businesses, and weather hard seasons…often when traditional banks said no.

>>>This free sister-centered brunch is an invitation to gather in that same spirit.<<<

Over good food and real conversation, we’ll explore how alternative savings and lending circles work, hear stories rooted in lived experience, and talk openly about money, trust and collective power.

This isn’t a lecture. It’s a table. A space to connect, to ask questions, to share what we’ve seen in our families and cultures, and to imagine what we might build together.

>>>Maybe you’ll meet women interested in starting a circle of their own.
>>>Maybe you’ll find accountability partners.
>>>Maybe you’ll simply leave with a deeper sense of what’s possible when women pool resources and wisdom.

Come curious. Come hungry. Leave connected. And maybe a little more financially powerful than when you arrived.

Alternative savings and lending circles, which is known academically as ROSCA (Rotating Savings and Credit Association).

Different Names Around the World
- West Africa: Susu
- Latin America: tanda or cundina
- Caribbean: partner or junta
- India: chit fund
- Philippines: paluwagan (to ease) Filippines
- Horn of Africa: Hagbad or Ayuuto (to help) in Somalia, Ikub (put together) in Eritrea
- MENA Region: Jam'iya/Gam’iya (to gather)
- Malaysia: Kutu
- Academically: ROSCA

What is ROSCA

ROSCA is a type of informal savings group found all over the world, especially in communities where access to banks is limited.

How It Works

• A group of people (friends, neighbors, coworkers) agree to contribute a fixed amount of money on a regular basis (weekly or monthly).Each period, one member receives the entire pooled amount.

• The rotation continues until every member has received the pot once.

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They’re Ancient
ROSCAs have existed for centuries. Historical evidence suggests versions were used in East Asia and parts of Africa hundreds of years ago as a way to pool resources.

It’s Not Just Saving - It’s Social
Kutu’s, Jam’iya’s and other savings circles create accountability and trust among members. They often strengthen friendships and community ties, since everyone depends on each other to contribute.

Early Access to Funds
Members who need money quickly may receive the pot early in the rotation. This functions like an informal, interest-free loan.

Empowers People Financially
ROSCAs help people afford major expenses such as starting a small business, paying school fees, or purchasing large household items.

Fun Twist: Bidding Versions Exist
In some ROSCAs, members bid for the pot by agreeing to receive slightly less, allowing others’ bids to complete the total. This adds a strategic element.

Still Relevant Today
Many ROSCAs now operate digitally through apps or messaging platforms like WhatsApp, allowing participation across distances.

Global Reach
Over 1 billion people worldwide are estimated to participate in informal savings groups, including ROSCAs.

• They operate in at least 105 countries under various local names.
• They exist on every continent, with the highest prevalence in Asia, and Latin America.

Participation Estimates

• In developing economies, about 9% of adults reported saving informally in a group such as a ROSCA in the past year.

• In parts of Africa, 50%–95% of adults participate in ROSCAs.

• In Bangladesh, around 70% of people in the same neighborhood or workplace reportedly participate.

• In Latin America, about 31% of the population participates in a ROSCA-type group known as a tanda.

What This Means Overall

• ROSCAs are among the most widespread financial practices in the world, especially in low-income or underserved communities.

• They are used by millions to save, access lump sums of money, and cover major life expenses when formal banking is inaccessible or costly.

• Their reach spans Asia, Africa, Europe, Latin America, and immigrant communities in high-income countries.

Why Women-Led Savings Groups Matter

1. Women Are More Likely to Be Financially Excluded

Globally, 56% of unbanked adults, about 980 million people, are women. Informal savings groups provide a critical financial alternative.

2. Savings Groups Boost Women’s Economic Power

When women lead and control savings groups:

• Women save more and prioritize long-term goals. Research suggests women in cooperative savings schemes save about 10% more than men.

• Women gain financial independence and greater decision-making power over spending, education, and business investments.

• 82% of participants report improved savings habits through group savings.

3. Savings Groups Have Large Global Reach

• One major program includes 30 million members across 67 countries, who have saved $11.5 billion cumulatively, with women forming the majority.

• Another program reports 89% female membership, with millions saved and loaned to support households and businesses.

4. Women Use Savings to Respond to Crises

Women-led savings groups help families cope with emergencies such as climate disasters or displacement by providing access to funds when banks are unavailable.

5. Positive Effects Beyond Money

Participation builds leadership, negotiation, and financial planning skills. Women often gain more influence in household and community decisions and reduce dependence on others.

Know what’s Happening Next — before everyone else does.

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