Françoise Clementi

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Accumulating Savings and Credit Associations [ASCA]

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A group of individuals who agree to meet for a defined period in order to save and borrow together. Money is pooled in a common fund and lent out to members as needed. The fund is distributed to each member at the end of an agreed cycle.

Synonyms:
Rotating Saving and Credit Association - ROSCA, community bank
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