TAKATURN concept names
For ages, people around the world have come together to help one another save money through rotating savings and credit associations, also known as ROSCAs However, it's not surprising that most people don't use this long phrase to refer to them.
ROSCAs have dozens of names around the world, and each term means roughly the same thing. However, there are differences and variations within each country, culture, religion, and committee.
Why are there so many names?
This list is not exhaustive. In fact, there are probably hundreds more names for ROSCAs, because they are widely used across Africa, Asia, and South America. In Africa alone, it is estimated that there are up to 2,000 spoken languages, so there are bound to be dozens more names in many other languages.
ROSCAs are becoming more widely used in Western countries thanks to an increase in immigration over the last century or so. As people move around the world, they bring customs, traditions, and words from their home countries with them, creating multicultural communities where everyone can thrive financially.
Africa
Gameeya (Egypt)
Adashe, Ajo, Esusu (Nigeria)
Mukando (Zimbabwe)
Stokvels (South Africa)
Stockfair (South Africa, Zimbabwe)
Chilimb (Malawi)
Ayuuto (South Somalia/Republic of Somaliland)
Chama (East Africa)
Ekub (Ethiopia and Eritrea)
Hagbad (Somalia)
Jojuma (Togo)
Tontine (Côte d’Ivoire and Cameroon)
Noufi (Tunisia)
Upato (Tanzania, Zambia)
Asia
Arisan (Indonesia)
(Ballot) Committee/kameti (Pakistan and Bangladesh)
Chit funds (India, Sri Lanka, Nepal)
Dhukuti (Nepal)
Visi (India)
Paluwagan (Philippines)
Hui (China, Thailand, Vietnam)
Kye (South Korea)
Tanomoshi (Japan)
Europe
Tontines (Francophone countries)
Roata (Romania)
Gün (Turkey)
Americas
Money Circles (Canada)
Rotating Savings & Credit Associations (ROSCA)
Tandas (Mexico and Central America)
Quebradas, Junta, Panderos, Quiniela (Peru)
Cuchubál (Guatemala)
Cundina/tanda (Mexico)
Esu (Bahamas)
Pandeiros (Brazil)
Partnerhand, Pardna, Pandas (Caribbean)
Susu (Caribbean (also West Africa))
Tanda (Latin America)
Do you know of any terms for this turn-based financing system that aren’t on the list? Let us know!
How do these ROSCAs connect to TAKATURN?
There are two things that make us different from these “the offline, off-chain” platforms. First, we require a security deposit from our Turn Group participants to eliminate the risk of someone defaulting. Second, and most importantly, TAKATURN is bringing this centuries-old concept into the 21st century with the help of cryptocurrencies and blockchain technology. That way we’re creating a trustless system, eliminating human error, decreasing transaction costs to a fraction, and allowing people to increase their financial freedom by engaging with cryptocurrencies, often for the first time ever.
