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. It is also referred to as a chit fund in India and a tanda in Mexico.
Operation
- Group of friends joins together to contribute a fixed monthly installment into a common pot.
- Every month one of the users takes the whole pot as a payout.
- Circle ends when all circle participants gets his/her payout once.
- Circle is then usually repeated with the same group of people over again.
References
- "Egyptian fintech startup digitizes the gameya". Wamda. June 6, 2017.
- 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.
- Rutherford, Stuart (2000). The Poor & Their Money. Delhi: Oxford University Press.
- Allen, Hugh; Staehle, Mark (2007). "Village Savings and Loan Associations (VSLAs) Programme Guide, Field Operations Manual" (Document). Solingen: VSL Associates.
- Geertz, Clifford (1956). The Rotating Credit Association: a middle rung in development. Cambridge, Massachusetts, United States: Massachusetts Institute of Technology, Center for International Studies.
- 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.
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