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Stokvel
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. Stokvels generally have a constitution A constitution is the aggregate of fundamental principles or established precedents that constitute the legal basis of a polity, organization or other type of entity, and commonly determines how that entity is to be governed. When these pri ... which dictates the size of the contributions, when the accumulated money is to be paid out and the roles and responsibilities of the members. Each month a different member receives the money in the fund, which was collected during that period. Defaults on contribution are quite rare as othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Airplane Game
The airplane game, also known as the plane game, is a style of pyramid scheme first recorded in the 1980s in North America and later Western Europe. The common version of the system involved joining an "airplane" by paying a "pilot" to become one of eight "passengers". Published in print edition as "'Plane Game' taking many for a big ride". Already on the airplane were four "flight attendants" who were a step ahead, and two "co-pilots" next in line behind the pilot, thus the new passenger is fourth in the hierarchy. Once a pilot collected $12,000 from passengers to retire, the group split into two "airplanes", with each co-pilot becoming the pilot of the new airplane, taking half the participants and promoting everyone a level. Bringing in new passengers sped up everyone's progression towards retiring as a pilot. However, the structure of the scheme results in a participant losing the entire payment unless 14 new participants join. The scheme had spread from New York to Te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rotating Savings And Credit Association
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. Economist F. J. A. Bouman described ROSCAs as "the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs."F. J. A. Bouman, ''Indigenous savings & credit societies in the developing world'' in Von Pischke, Adams & Donald (eds.) ''Rural Financial Markets in the Developing World'', World Bank, Washington, 1983 Terminology ROSCAs are known by various names around the world, and some of those names become loanwords between languages, including various ones that have made their way into English, especially in regional usage. For example, ROSCAs are also known as '' tandas'' (or by other names) in Latin America, '' chamas'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Africa
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic Ocean, South Atlantic and Indian Ocean; to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; to the east and northeast by Mozambique and Eswatini; and it encloses Lesotho. Covering an area of , the country has Demographics of South Africa, a population of over 64 million people. Pretoria is the administrative capital, while Cape Town, as the seat of Parliament of South Africa, Parliament, is the legislative capital, and Bloemfontein is regarded as the judicial capital. The largest, most populous city is Johannesburg, followed by Cape Town and Durban. Cradle of Humankind, Archaeological findings suggest that various hominid species existed in South Africa about 2.5 million years ago, and modern humans inhabited the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Union
A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (checking account, cheque accounts), credit cards, Credit (finance), credit, share term certificates (Certificate of deposit, certificates of deposit), and online banking. Normally, only a member of a credit union may deposit account, deposit or loan, borrow money. In several African countries, credit unions are commonly referred to as ''SACCOs'' (''savings and credit co-operatives''). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 millio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eastern Cape
The Eastern Cape ( ; ) is one of the nine provinces of South Africa. Its capital is Bhisho, and its largest city is Gqeberha (Port Elizabeth). Due to its climate and nineteenth-century towns, it is a common location for tourists. It is also known for having been home to many anti-apartheid activists, including Nelson Mandela. The second largest province in the country (at 168,966 km2) after the Northern Cape, it was formed in 1994 out of the Xhosa people, Xhosa homelands or bantustans of Transkei and Ciskei, together with the eastern portion of the Cape Province. The central and eastern part of the province is the traditional home of the indigenous Xhosa people. In 1820 this area, which was known as the Xhosa Kingdom, began to be settled by Europeans who originally came from England, Scotland and Ireland. Eastern Cape is the only province in South Africa were the number of Black Africans declined from 86.6% to 85.7% since Apartheid ended in 1994. History The Eastern Cape p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution
A constitution is the aggregate of fundamental principles or established precedents that constitute the legal basis of a polity, organization or other type of entity, and commonly determines how that entity is to be governed. When these principles are written down into a single document or set of legal documents, those documents may be said to embody a ''written constitution''; if they are encompassed in a single comprehensive document, it is said to embody a ''codified constitution''. The Constitution of the United Kingdom is a notable example of an ''uncodified constitution''; it is instead written in numerous fundamental acts of a legislature, court cases, and treaties. Constitutions concern different levels of organizations, from sovereign countries to companies and unincorporated associations. A treaty that establishes an international organization is also its constitution, in that it would define how that organization is constituted. Within states, a constitution ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Sector Conduct Authority (South Africa)
The Financial Sector Conduct Authority (FSCA) is the South African financial regulator, financial institutions market conduct regulator and a successor agency to the Financial Services Board (South Africa). See also * List of financial regulatory authorities by jurisdiction References Financial regulation in South Africa 2018 establishments in South Africa Organisations based in Pretoria {{SouthAfrica-gov-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pyramid Scheme
A pyramid scheme is a business model which, rather than earning money (or providing Return on investment, returns on investments) by sale of legitimate product (business), products to an end consumer, mainly earns money by recruiting new members with the promise of payments (or services). As the number of members multiplies, recruiting quickly becomes increasingly difficult until it is impossible, and therefore most of the newer recruits do not make a profit. As such, pyramid schemes are unsustainable. The unsustainable nature of pyramid schemes has led to most countries outlawing them as a form of fraud. Pyramid schemes have existed since at least the mid-to-late 19th century in different guises. Some multi-level marketing plans have been classified as pyramid schemes. Concept and basic models In a pyramid scheme, an organization compels individuals who wish to join to make a payment. In exchange, the organization promises its new members a share of the money taken from every ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collaborative Finance
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 transaction 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 wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kitty Party
In India, a kitty party is a social event held as part of an informal savings club. It is a kind of party usually organized by women, and commonly held in the afternoon on a monthly basis. History Kitty parties began in India during the early 1950s, in the aftermath of the 1947 Partition of India, partition. Initially, the informal savings events were hosted at home by middle-class women in northern Indian states, such as Punjab, India, Punjab or Uttar Pradesh, whose families were struggling to recover financially from the turmoil caused by partition. Alongside the financial aspect, kitty parties also created a valuable social outlet for women, many of whom were not culturally permitted to work or travel much outside the home. By the 1980s, the growth of consumerism in Indian society meant that kitty parties had evolved and were also becoming popular with wealthier women, who used it as a way to save for more expensive household items. Kitty parties continue to be popular in In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
