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nomorepie wrote

"In French-speaking cultures, particularly in developing countries, the meaning of the term "tontine" has broadened to encompass a wider range of semi-formal group savings and microcredit schemes. The crucial difference between these and tontines in the traditional sense is that benefits do not depend on the deaths of other members.

As a type of rotating savings and credit association (ROSCA), tontines are well established as a savings instrument in central Africa, and in this case function as savings clubs in which each member makes regular payments and is lent the kitty in turn. They are wound up after each cycle of loans. In West Africa, "tontines" – often consisting of mainly women – are an example of economic, social and cultural solidarity."

I copied this off wiki, I understood it to be a more informal "mutual aid scheme" but idk where I heard about them first

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rain wrote

in this case function as savings clubs in which each member makes regular payments and is lent the kitty in turn.

I think things like this are an awesome alternative to traditional banking. They just aren’t what I think of when I see the word “tontine.” But if this is the type of tontine we are talking about I’d at least be interested. I’m all for trying to find ways to escape the classic banking system.

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