Rotating Savings and Credit Associations

//Rotating Savings and Credit Associations

Rotating Savings and Credit Associations

A Rotating Savings and Credit Association (ROSCA) is a group of individuals who act as an alternative financial institution. Each person contributes money towards a common fund, and the funds rotate through members at regular intervals. The member who borrows the funds will eventually repay their portion back into the association so the next member can withdraw their share.

According to Dr. Caroline Shenaz Hossein, Associate Professor of Global Development and Political Science at the University of Toronto, ROSCAs are a time honoured tradition from around the world. They are hidden forms of co-operatives largely used by Black or racialized groups who are often excluded from traditional forms of banking and business.  

As people migrate, they bring their own version of ROSCA to their new countries, says Dr. Hossein. In this way, the ROSCA helps people adjust to life in a new land with others from their culture bringing both financial and social support.

Dr. Hossein has done numerous interviews with ROSCA members in Toronto’s inner city. This work culminated in a documentary called “The Banker Ladies.

We were very pleased to speak with Dr. Hossein about her research and passion for grassroots co-operativism. Have a listen.


By |2022-05-18T16:47:22-07:00May 10th, 2022|Show|2 Comments

About the Author:

I love radio and pursue stories about people and communities working together to solve challenges creatively and often, with a lot of heart. It's the human side of the co-op model that intrigues me. That and any chance to travel, especially to smaller locales, where folks seem to know that co-operating just makes good sense!


  1. Dereck Moyo February 20, 2023 at 7:53 pm - Reply

    This model also increases financial inclusion for the poor members of the community, especially
    Women. I need to know the historical background for the ROSCA model.

    • Sandy Goldman February 22, 2023 at 9:01 am - Reply

      There should be a link to Caroline Shenaz-Hossein on the web post. She’s the expert in this field.

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