noun A form of savings where a group of people pay an agreed sum of money on a periodic basis (usually monthly) and each period one member of the group takes all the money that has been paid (their share). This practice has been traced back to Yoruba credit system.
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wwrongone14 years ago
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wrongone
14 years ago
Partner payout is on a weekly basis. Participants may pay into it weekly or monthly, depending of when their salaries are paid. The banker keeps strict records. There's a start and end date for each partner duration, which depends on the number of people participating. If the periodic pay-out basis were monthly, some partners would not be economically feasible.
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