Dear All
Best wishes for 2015!
I am interested in the modus operandi of Tontines and Susu savings. From what I understand they work as follows (correct me if I am wrong):
Tontine
The Principle: savings deposits are made at a fixed amount every day of the month. The first deposit is taken as commission for the treasurer. On the last day of the month the participant gets the full balance back, less the commission. There is no interest added.
My Questions:
1. Does the Tontine work in groups or can this also be handled individually? In the first case we have a (group) treasurer as the money collector, in the 2nd case we can have a financial institution?
2. Does the cycle always start on the first day of the month? Or can this be any day?
3. If it can start on any day of the month, what is the last day? Is it 30 days later? Is it the calendar day of the start of the cycle plus one month?
4. What happens on non-working days? Participants have to pay in advance? Participants can pay later to make up for skipped days?
5. Are there penalties for non-payments or for late payments?
6. What happens if after 10 days the participant stops paying altogether and wants his money back?
Susu Savings
The Principle: group members contribute a fixed amount (the same for all members) at (mostly) weekly intervals and each week a rotating member receives the full contribution of all the members.
My Questions:
1. If a group has 5 members, I suppose nobody can quit until each one has had his turn? That is 5 weeks. What happens if someone quits before the end of the cycle?
2. Can new people join before the cycle is over? What are the conditions with regards to payments to be made/to be received?
3. Is there a commission for the treasurer?
Thanks in advance for any reactions.
Kind regards,
Hans Verkoijen
Crystal Clear Software Ltd.
PO Box 7463 Kampala, Uganda
King Fahd Plaza, 3rd floor, 52 Kampala Road
Tel: +256-(0)414-231739 Fax +256-(0)414-233644
Email: verkoyen@imul.com or ccs@infocom.co.ug
Posted by: "Hans Verkoijen" <verkoyen@imul.com>
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