Quote Originally Posted by KingJaja View Post
I went to Church last Sunday and heard an announcement about the creation of a cooperative. Members are supposed to pool resources for a period of six months and then be eligible to apply for loans and financial support. The amount requested per month is minimal (about $20), but the implications are far ranging - in a nation with a non-existent social security system, the Church has stepped into the void.
I have no idea if they are recent arrivals in Nigeria (I find it difficult to believe they are) but tontines are quite common across Africa and have been for some time. The chances of finding a rotating credit association anywhere on our planet where there are poor people are pretty good, actually.