This app allows supervisors and members of save cycles to manage and remember their contributions in different save cycles efficiently and effectively. It also calculates monthly contributions automatically and eliminates human error! It sends you alerts and notifications and reminders to pay up to make your life much easier and helps you save money by sending you monthly savings tips.
Save Cycles concepts in economy
Save Cycle idea is based on the financial concept called (RoSCAs) which stands for: (Rotating Savings and Credit Associations). these associations are widely used in the middle east area, Arabic Gulf area, Asia and North Africa as well as many other countries such as Indonesia where it's called "Arisan", in India where it's called "Chit Fund", in Sudan where it's called " Sundooq", and it's used in other developing economies around the world under different naming but implementing the same well known concept.
Save cycles are informal way to save money with a group of people and they are considered a "Poor man's Bank". it is similar to taking a loan from a bank for a short period and without paying interest.
This is how it works! A group of people agree on paying an amount of money (contribution) to one person who is considered the leader or supervisor. this contribution is paid on monthly basis or sometimes once a week. Each month one person receives the total monthly saving amount. This process continues till every person receives the total saving amount once. Those people who have already received the total saving amount, will continue to contribute to leader with their monthly share, until all members received the total of their monthly contributions, with that the save cycle ends.