2017 - 20th Annual Steven Galovich Memorial Student Symposium

Presentation Title

RoSCAs: Bridging the Gap Between Moneylenders and Moneyguards

Student Presenter(s) and Advisor

Ralph Taylor, Lake Forest CollegeFollow

Location

Library First Floor

Abstract

People in over 70 countries participate in rotating savings and credit associations (RoSCAs) to avoid high-cost informal financial services. Moneylenders in Bangaldesh, India, Malaysia, Nepal, and the Philippines can be exploitive, charging annual interest rates sometimes exceeding 1000 percent. Moneyguards in Ghana will hold a person's savings; however, savers often pay a fee as high as ten percent of the value of their savings. With nearly two billion people lacking access to formal banking services, RoSCAs provide households and entrepreneurs with an low-cost opportunity to save and borrow within their community.

Presentation Type

Individual Presentation

Start Date

4-11-2017 10:30 AM

End Date

4-11-2017 11:45 AM

Panel

Financial Services in Developing Economies

Panel Moderator

Les Dlabay

Field of Study for Presentation

Area Studies, Asian Studies, Business, Finance, International Relations

No downloadable materials are available for this event.

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Apr 11th, 10:30 AM Apr 11th, 11:45 AM

RoSCAs: Bridging the Gap Between Moneylenders and Moneyguards

Library First Floor

People in over 70 countries participate in rotating savings and credit associations (RoSCAs) to avoid high-cost informal financial services. Moneylenders in Bangaldesh, India, Malaysia, Nepal, and the Philippines can be exploitive, charging annual interest rates sometimes exceeding 1000 percent. Moneyguards in Ghana will hold a person's savings; however, savers often pay a fee as high as ten percent of the value of their savings. With nearly two billion people lacking access to formal banking services, RoSCAs provide households and entrepreneurs with an low-cost opportunity to save and borrow within their community.