Names for ROSCAs around the world
The ROSCA (ROtating Savings and Credit Association) is known globally by hundreds of different names. Most people don’t even use the word ROSCA to describe them!
A ROSCA is an informal and collaborative money-raising scheme used by over a billion consumers in over 90 countries across the world. Because they’ve been used by different communities for hundreds of years, they are known in each country by different names. Some countries have many names for them!
What is a ROSCA?
ROSCAS in Africa
Benin: Asusu, Yissirou, Ndjonu, Tontine
Botswana: Motshelo
Burkina Faso: Tontine, Tibissiligbi, Pari
Burundi: Upato
Cameroon: Jangi, Ujangi, Djanggi, Ngwa, Ntchwa
Egypt: Gameya, Jameya
Ethiopia: Ekub, Ikub
Gabon: Bandoi
Gambia: Osusu, susu, esusu, Compin
Ghana: Susu, Onitsha, Nnoboa
Ivory Coast: Tonton, Tontine, Moni
Kenya: Mabati
Liberia: Esusu, susu, sau
Madagascar: Fokontany
Mali: Pari
Mozambique: Upato
Niger: Adasse, Tomtine, Asusu
Nigeria: Esusu, Osusu, Enusu, Ajo
Peoples Republic of Congo: Temo, Kitemo, Ikilemba, Otabaka, Ekori, Otabi
Senegal: Tontine, Nath
Sierra Leone: Asusu, Esusu
Somalia: Haghad, Shaloongo, Aiuto
South Africa: Chita, Chitu, Stokfel
Sudan: Khatta, Sanduk, Sandook Box
Swaziland: Stokfel
Tanzania: Upato, Fongongo
Tchad: Pare
Togo: Soo, Tonton, Sodyodyo, Abo
Tunisia: Noufi, Sanduk
Uganda: Chilemba, Kiremba, Upato, Kwegatta
Zaire: Ikelemba, Osassa, Kitemo, Kitwadi, Adashi, Tontine, Bandal
Zambia: Icilimba, Upato, Chilenba
Zimbabwe: Chilemba, Stockfair, Kutunderrera
ROSCAS in Latin America, The Caribbean and Pacifics
Bahamas: Esu
Barbados: Meetings
Belize: Syndicate, Tanda
Bolivia: Pasanacu
Brazil: Consorcio, Pandero
Curacao: Sam, Hunga sam
Dominican Republic: San
Guatemala: Cuchubal
Guyana: Throw a box, Boxi money
Jamaica: Pardners, Pardnas, Pardnerhand
Mauritius: Pool, Cycle, Sheet
Mexico: Tanda
Panama: Pandero
Peru: Pandero
Surinam: Kasmonie
Tobago: Susu
Trinidad: (E)susu, Sou sou, Hui, Chitty
West Indies: Susu
Western Samoa: Pelagolagomai
ROSCAS in Asia
Bangladesh: Samity
Cambodia: Tontine
China: Lun-hui, Yao-hui, Piao-hui, Hui, Ho-hui, Foei-Tsjing
India: Kameti, Kuri, Chitty, Chit funds, Vishi, Bishi, Nidhi, Committee
Indonesia: Arisan, Paketan Daging, Mapalus, Bajulo julo
Japan: Ko, Kou, Miyin, Mujin, Musin, Tanamoshi
Korea: Keyes, Kyes, Mujin
Lebanon: Al-tawfir el medawar
Malaysia: Kutu, Kootu, Kongsi, Tontine, Hui, Main, Kut
Nepal: Dhikur, Dhituti
Pakistan: Committee, Bisi, Kistuna
Papua New Guinea: Hui, Sande
Philippines: Paluwagan, Turnohan
Singapore: Tontine, Kutu
Sri Lanka: Cheetu/Sheetu, Sittu Danawa, Situ Mudal, Sittu Wendesiya
Taiwan: Hui
Thailand: Chaer, Hui, Hue, Pia Huey, Len Chaer
Vietnam: Hui, Hui Thao, Hui hue hong, Yi hui
Yemen: Hacba
ROSCAS in Europe
Although nowhere near as popular, some European countries do have names for ROSCAs. Bausparkassen in Germany and Austria, Gün in Turkey, Upato in Portugal, Cajas in Spain and Roatas in Romania.
Of course we call them Savings Circles in the UK thanks to StepLadder making them popular here! We also have a similar community-based product called Building Societies.
The StepLadder ROSCA World Cup!
We had a little fun in 2022 with the countries in the football World Cup! We created our own ROSCAs of the World Wall Chart and tried to find as many names as we could. We couldn’t find anything for Switzerland or Poland - so if you’ve heard of a ROSCA in either of those countries - let us know!
See the benefits of raising money in a ROSCA
In Jamaica alone, the use of ROSCAs, or Pardnas as they call them there, is exceptionally high, with up to 95% of the adult population using this model to raise money. Pardnas are proven to help people stay disciplined as Members borrow from and lend to each other. It especially appeals to people who don’t want to use or can’t access bank accounts, loans or ISAs. You won’t earn interest but it’s a far cheaper way of borrowing money than taking a bank loan or paying interest on credit cards. You could get your money up to 90% faster than raising money alone.
"Stepladder is a great company for the people!
With the break down of community Pardnas (due to the introduction of accessible loans) this was refreshing to see a company put community first, helping people generate and build house deposits. Being an ambassador and having run a successful circle myself, I can see first hand how Stepladder are literally changing the lives of so many people! Definitely check them out"
Natalie,
Runs 2 Pardnas on the StepLadder platform
How are digital ROSCAs different to a traditional ROSCAs?
Everything is done digitally taking out the usual pains of being in an informal ROSCA
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