Alternative financial vehicles: rotating savings and credit associations (ROSCAs)

Christy Chung Hevener

No 06-01, Community Affairs Discussion Paper from Federal Reserve Bank of Philadelphia

Abstract: This paper describes how ROSCAs work and discusses the benefits that accrue to ROSCA participants and some of the costs they incur. Of particular interest is the introduction of a partial data set collected from a local ROSCA, which offers a glimpse of the capital costs ROSCA participants face and which could ultimately be contrasted with the capital costs faced by borrowers at mainstream financial institutions.

Date: 2006
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