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Rotating Savings And Credit Association
A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. The first academic description of ROSCAs was by Shirley Ardener in 1964. F. J. A. Bouman described ROSCAs as "the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs." They are also known as '' tandas'' in Latin America, '' chama'' in Swahili-speaking East Africa, ''kameti'' (کمیٹی) in Pakistan, ''visi'' among Gujaratis in India, ''ekub'' in Ethiopia, ''partnerhand'' in the West Indies, ''cundinas'' in Mexico, ''hagbad'' in Somalia, '' stokvel'' in South Africa, '' susu'' in West Africa and the Caribbean, '' hui'' () in Chinese communities in East and Southeast Asia, ''hội''/''hụi'' in Vietnam, ''paluwagan'' in the Philippines, '' gam'eya'' (جمعية) in Egypt, ''gye'' () in South ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saving
Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recurring costs. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is a lot higher; in economics more broadly, it refers to any income not used for immediate consumption. Saving does not automatically include interest. ''Saving'' differs from ''savings''. The former refers to the act of not consuming one's assets, whereas the latter refers to either multiple opportunities to reduce costs; or one's assets in the form of cash. Saving refers to an activity occurring over time, a flow variable, whereas savings refers to something that exists at any one time, a stock variable. This distinction is often misunderstood, and even professional economists and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equb
Equb or Iqub ( Amharic: እቁብ) is an association of people in Ethiopian culture with the aim of mobilizing resources, especially finance, and distributing them on a rotating basis. It is distinguished from Eder by duration of time; Equb is temporary or permanent, while Eder is long-term association. Like Eder, Equb is a cooperative social institution, which helps for funeral insurance where community members elect their leaders, contribute resources either in kind or in cash In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-im ... and support the mourning member. In Konso community, Equb dominates other financial establishments of micro and small enterprises, expansion and their working capital finance, followed by personal saving, families and relatives. References {{Reflist B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microfinance
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings account, savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient.Christen, Robert Peck Christen; Rosenberg, Richard; Jayadeva, Veena. ''Financial institutions with a double-bottom line: Implications for the future of microfinance''. CGAP, Occasional Papers series, July 2004, pp. 2–3. ID Ghana is an example of a microfinance institution. Microfinance initially had a limited definition: the provision of microloans to poor entrepreneurs and small businesses lacking access to credit. The two main mechanism ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Co-operative
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise".Statement on the Cooperative Identity. ''.'' Cooperatives are democratically controlled by their members, with each member having one vote in electing the board of directors. Cooperatives may include: * es owned and man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Informal Economy
An informal economy (informal sector or grey economy) is the part of any economy that is neither taxed nor monitored by any form of government. Although the informal sector makes up a significant portion of the economies in developing countries, it is sometimes stigmatized as troublesome and unmanageable. However, the informal sector provides critical economic opportunities for the poor and has been expanding rapidly since the 1960s. Integrating the informal economy into the formal sector is an important policy challenge. In many cases, unlike the formal economy, activities of the informal economy are not included in a country's gross national product (GNP) or gross domestic product (GDP). However, Italy has included estimates of informal activity in their GDP calculations since 1987, which swells their GDP by an estimated 18% and in 2014, a number of European countries formally changed their GDP calculations to include prostitution and narcotics sales in their official GDP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mozambique
Mozambique (), officially the Republic of Mozambique ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Eswatini and South Africa to the southwest. The sovereign state is separated from the Comoros, Mayotte and Madagascar by the Mozambique Channel to the east. The capital and largest city is Maputo. Notably Northern Mozambique lies within the monsoon trade winds of the Indian Ocean and is frequentely affected by disruptive weather. Between the 7th and 11th centuries, a series of Swahili port towns developed on that area, which contributed to the development of a distinct Swahili culture and language. In the late medieval period, these towns were frequented by traders from Somalia, Ethiopia, Egypt, Arabia, Persia, and India. The voyage of Vasco da Gama in 1498 marked the arrival ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Democratic Republic Of The Congo
The Democratic Republic of the Congo (french: République démocratique du Congo (RDC), colloquially "La RDC" ), informally Congo-Kinshasa, DR Congo, the DRC, the DROC, or the Congo, and formerly and also colloquially Zaire, is a country in Central Africa. It is bordered to the northwest by the Republic of the Congo, to the north by the Central African Republic, to the northeast by South Sudan, to the east by Uganda, Rwanda, and Burundi, and by Tanzania (across Lake Tanganyika), to the south and southeast by Zambia, to the southwest by Angola, and to the west by the South Atlantic Ocean and the Cabinda exclave of Angola. By area, it is the second-largest country in Africa and the 11th-largest in the world. With a population of around 108 million, the Democratic Republic of the Congo is the most populous officially Francophone country in the world. The national capital and largest city is Kinshasa, which is also the nation's economic center. Centered on the Cong ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Likelemba
Likelemba is an African solidarity saving Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recur ...s mechanism where several members put a certain sum of money in a "pot" and, every month, the total amount contained in the pot is then donated to one of the participating members - a sort of little lottery. Example Twelve people - typically women - put 100€ every month in their "likelemba pot". * Month 1, member 1 - normally chosen by chance - gets 11 x 100€ = 1,100 €. * Month 2, another member gets elected and rewarded with the 1,100 €, etc. Benefits The secret of the success of likelemba is its simplicity and formula whereby a lot of small amounts that every member can easily spare make one big prize. The winner has a fairly large amount with which he/she can do something extraord ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guinea. Indonesia is the world's largest archipelagic state and the 14th-largest country by area, at . With over 275 million people, Indonesia is the world's fourth-most populous country and the most populous Muslim-majority country. Java, the world's most populous island, is home to more than half of the country's population. Indonesia is a presidential republic with an elected legislature. It has 38 provinces, of which nine have special status. The country's capital, Jakarta, is the world's second-most populous urban area. Indonesia shares land borders with Papua New Guinea, East Timor, and the eastern part of Malaysia, as well as maritime borders with Singapore, Vietnam, Thailand, the Philippines, Australia, Palau, and India ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Korea
Korea ( ko, 한국, or , ) is a peninsular region in East Asia. Since 1945, it has been divided at or near the 38th parallel, with North Korea (Democratic People's Republic of Korea) comprising its northern half and South Korea (Republic of Korea) comprising its southern half. Korea consists of the Korean Peninsula, Jeju Island, and several minor islands near the peninsula. The peninsula is bordered by China to the northwest and Russia to the northeast. It is separated from Japan to the east by the Korea Strait and the Sea of Japan (East Sea). During the first half of the 1st millennium, Korea was divided between three states, Goguryeo, Baekje, and Silla, together known as the Three Kingdoms of Korea. In the second half of the 1st millennium, Silla defeated and conquered Baekje and Goguryeo, leading to the "Unified Silla" period. Meanwhile, Balhae formed in the north, superseding former Goguryeo. Unified Silla eventually collapsed into three separate states due to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north toward the East China Sea, Philippine Sea, and Taiwan in the south. Japan is a part of the Ring of Fire, and spans Japanese archipelago, an archipelago of List of islands of Japan, 6852 islands covering ; the five main islands are Hokkaido, Honshu (the "mainland"), Shikoku, Kyushu, and Okinawa Island, Okinawa. Tokyo is the Capital of Japan, nation's capital and largest city, followed by Yokohama, Osaka, Nagoya, Sapporo, Fukuoka, Kobe, and Kyoto. Japan is the List of countries and dependencies by population, eleventh most populous country in the world, as well as one of the List of countries and dependencies by population density, most densely populated and Urbanization by country, urbanized. About three-fourths of Geography of Japan, the c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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