Circles
An old practice, kept intact.
Susu. Tanda. Hui. Esusu, ajo, partner, chit, kameti, cundina. Different names, one idea: people who trust each other put money in together, and each month one takes the pot.
Savings circles are planned. This page describes the intended direction. Details will be published only after legal review.
Why it works
It works because of who is in it.
Everybody knows everybody. Nobody wants to be the one who took their turn and stopped paying. That is not a weakness of the system. It is the whole system.
What actually goes wrong
Not trust. Admin.
- Someone has to hold the money between collection and each person's turn
- Someone has to remember who has taken their turn
- Someone has to chase the person who forgot
- Someone has to settle it when two people remember differently
The split
What we take on. What you keep.
We doYou keep
Track who has chipped in, and whenChoosing who is in the circle
Send reminders so nobody has to nagSetting the amount and schedule
Show the pot and whose turn it isDeciding the order of turns
Keep the recordThe relationships that make it work
Our line in the sand
What we will not do
Charge interest
A circle is your own money taking turns. Interest would make it a loan, and it is not one.
Add strangers
A circle is a closed group made of the people you choose.