WHAT IS THE MEANING OF THE TERM ‘PARTNER’ (ROSCA)
- A Partner is basically a partnership among people to save collectively
- A Partner – Is a Rotating Savings and Credit Association it is an informal financial system usually associated with poor, developing countries with limited access to credit (ROSCA).
Partner is a saving and credit mechanism with roots in the slave past. This system was brought to Jamaica by African slaves, and was originally used as a device to purchase freedom (It is a tool of liberation).
Jamaican partner developed in the time of slavery, in the absence of other alternatives. It is a popular form of savings system in Jamaica and called by different names in the Caribbean, which is also found in many other parts of the world.
Some Common Names of Pardna partners around the world:
- African – Susu
- Jamaican – partner
- Chinese – hui or wee chen