Gam'eya

Gamey'a is a form of rotating savings and credit association (ROSCAS) used in over 89 countries and communities around the world, particularly in the Middle East). It is referred to as a chit fund in India and a tanda in Mexico.

How it works:

  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.

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


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