Likelemba

Likelemba is an African system of solidarity savings mechanism where several members put a certain sum of money in a "pot" and every month, the total amount contained in the pot is then donated to one of the participating members - a sort of little lottery.

Example

Twelve persons - mostly woman - put 100€ every month in their "likelemba pot".

Benefits

The secret of the success of Likelemba is its simpleness and formula whereby a lot of small amounts, that every member can easily spare, make one big prize. The winner has a fairly large amount with which he/she can do something extraordinary and, hopefully, break out of a financial circle of misery or life style in which he/she might be stuck.

External links

This article is issued from Wikipedia - version of the Saturday, October 17, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.