...CREDIT ASSOCIATIONS Rotating credit associations are made up of individuals who agree to make regular contributions to a fund that is given, in whole or in part, to each contributor in rotation (Ardener 1962: 201). They are among the most elementary — and short lived — of all groups;...

...savings associations, referred to by the Kyrgyz term sherine, or occasionally, in Russian as chernaya kassa (literally, black cash register or till), are...among poorer (but not the poorest) segments of the population.18 During the Soviet period, ROSCAs were widespread among middle-income people, who usually...

...a rotating credit association consists of a limited set of voluntar)' participants who make regular contributions to a fund that is given, in whole or in part, to each contributor in rotation. 22 They are distinguished from other mutual-help systems by the criteria of regular rotation...

...especially in poor countries. They come into being when a small group of people agree to make regular contributions to a fund that is given, in whole or in part, to each contributor in rotation. In a typical rotating credit association, each member (of, say, twenty) might contribute...