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Poker is a family of comparing card games in which players wager over which hand is best according to that specific game's rules. It is played worldwide, but in some places the rules may vary. While the earliest known form of the game was played with just 20 cards, today it is usually played with a standard deck, although in countries where short packs are common, it may be played with 32, 40 or 48 cards. Thus poker games vary in deck configuration, the number of cards in play, the number dealt face up or face down, and the number shared by all players, but all have rules that involve one or more rounds of betting.
A consortium is an association of two or more individuals, companies, organizations, or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal.
Pay Day is a board game originally made by Parker Brothers in 1974. It was invented by Paul J. Gruen of West Newbury, Massachusetts, United States, one of the era's top board game designers, and his brother-in-law Charles C. Bailey. It was Gruen's most successful game, outselling Monopoly in its first production year. Pay Day is currently marketed by Winning Moves Games USA.
A chit fund is a type of rotating savings and credit association system practiced in India, Bangladesh, Sri Lanka, Pakistan and other Asian countries. Chit fund schemes may be organized by financial institutions, or informally among friends, relatives, or neighbours. In some variations of chit funds, the savings are for a specific purpose. Chit funds are often microfinance organizations.
The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, education and housing needs in Singapore.
Jamia is the Arabic word for gathering. It can also refer to a book Al-Jami'a or a mosque, or more generally, a university. In the latter sense it refers in official usage to a modern university, based on the Western model, as opposed to the medieval madrasa. The term seems to be a translation of "university" or the French "université" and emerged in the middle of the 19th century; the earliest definite use in this sense appears in 1906 in Egypt.
An osusu is a form of rotating savings and credit association found in Africa, for microfinancial capital accumulation. Osusus are the regional version of what in other places are called susus, tandas, or by other names. They are small groups such as in Sierra Leone 'where, for example, ten people put Le 5,000 in a pot and then one of the ten takes the resulting Le 50,000 for his or her own use, promising to put in Le 5,000 at the next group meeting to continue the process.' The word 'osusu' has its origin the Yoruba word 'Esusu' which means rotational savings.
A mortgage loan or simply mortgage, in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. Members all chip in regularly and take turns withdrawing accumulated sums.
In South Africa, a stokvel is an invitation-only club of twelve or more people serving as a rotating credit union or saving scheme. Members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis. The name stokvel originates from the concept of "stock fairs", as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known.
An arisan is a form of Rotating Savings and Credit Association in Indonesian culture, a form of Microfinance.
A susu or sou-sou or osusu or asue is a form of rotating savings and credit association, a type of informal savings club arrangement between a small group of people who take turns by throwing hand as the partners call it. The name is used in Africa and the Caribbean. Each person contributes periodically the same amount to a common fund; the total contributions are disbursed to a single member of the group. Each time, the recipient changes so that eventually all members are recipients. Participants of a susu do not make a profit. Instead, small periodic contributions are turned into a larger lump sum of the same value, with the susu acting as a savings club.
Likelemba is an African solidarity savings mechanism, a type of ROSCA, where several members put a certain sum of money in a "pot" and, every month, the total amount contained in the pot is then disbursed to one of the participating members.
Collaborative finance is a category of financial transaction that occurs directly between individuals without the intermediation of a traditional financial institution. This new way to manage informal financial transactions has been enabled by advances in social media and peer-to-peer online platforms. The wide variety of collaborative finance resources may vary not only in their organizational and operational aspects, but also by geographical region, share of the financial market etc. It is precisely this heterogeneity that enables the informal savings and credit activity to profitably reach those income-groups not served by commercial banks and other financial institutions. It is their informality, adaptability and flexibility of operations – characteristics which reduce their transactions costs and confers upon them their comparative advantage and economic rationale. Collaborative Finance is characterized by highly personalized loan transactions entailing face-to-face dealings with borrowers and flexibility in respect of loan purpose, interest rates, collateral requirements, maturity periods and debt rescheduling.
In Latin America, a tanda is the regional version of a rotating savings and credit association (ROSCA). It is a form of a short-term no-interest loan among a group of friends and family.
A chama is an informal cooperative society that is normally used to pool and invest savings by people in East Africa, and particularly Kenya. The chama phenomenon is also referred to as "micro-savings groups". "Chama" is the Kiswahili word for "group" or "body". The chama phenomenon arose out of the idea of harambee, which means "all together", in the late 1980s and 1990s. Originally, chamas tended to be exclusively women's groups, but as chamas started to grow in sophistication and success, men started participating in chamas as well. The chama structure is used throughout Africa, but is particularly popular in Kenya where the word originated. In Kenya there are estimated to be 300,000 chamas managing a total of KSH 300 billion in assets. Chamas are known for their exclusivity. In order to join, new members are typically subjected to extensive interviews and must have assurances or guarantees made for them by an existing member. Some sources have estimated that one in three Kenyans is a chama member.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
London Community Credit Union Limited is a member-owned and led financial co-operative, operating in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London. It has over 17,000 members and 4 branch offices in Bethnal Green, Poplar, Hackney and Stratford.
Mission Asset Fund (MAF) is a San Francisco-based nonprofit organization that seeks to offer financial stability to low-income families by facilitating zero-interest lending and simultaneous credit building. Their model, based on the Mexican "tanda" system, links community members into rotating savings and credit associations, and then reports this participation to credit bureaus to help their members establish or improve a credit score.
Hui refers to a group-based rotating saving and credit scheme that is popular among many immigrant and migrant communities throughout the United States, Taiwan. Biao Hui is the Chinese verb when someone is engaging or participating in Hui.
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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