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July 5, 2022

Got a savings goal? Consider forming a savings circle


Many people find it difficult to save money. But across the world, in tiny, close-knit communities, people often form savings circles. Members pitch in small amounts to a pool of money that is eventually distributed to those who contribute. Now, this empowering social money tool — known in some parts of the world as a sou-sou or tanda — is morphing into a modern savings option for those working to lift themselves up financially. A mobile app aims to help users save toward group or personal goals — such as reunions, trips or emergency funds — by inviting friends and family members to start saving together.

A breezy January morning made the mid-30 temperatures feel even chillier. But it was an important day for the young man pushing 30 himself. He was about to face his entire family to ask for a loan to seed his new business idea.

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