What it is: A “tanda” is an informal savings club, similar to Kenya’s harambee.
How it works:
- A group of trusted people contribute the same amount each week/month
- Each period, one person gets the whole pot
- It continues until everyone has received their payout
- No interest, no banks, just trust
Why it matters:
- Many people don’t trust banks or don’t have access to them
- It forces regular saving
- It’s based on community and mutual accountability
- You get a lump sum without taking out a loan
What we can learn: Sometimes the “official” financial system isn’t the only way. Community-based saving can work when you have trust and accountability.
Modern take: You could do this with friends—everyone puts in $50/month, and each month someone gets $500 (if there are 10 people). By the end, everyone has saved $500 but also had access to a lump sum when it was their turn.