Accumulating Savings and Credit Association

From P2P Foundation

= Documented extensively in South Asia by Rutherford, ASCAs are also time-limited, informal microfinance groups. Unlike ROSCAs however, they appoint one of their members to manage an internal fund. Records are kept and surplus lent out. After a pre-agreed period (often 6–12 months) all the loans are called back and the fund, plus accumulated profit, is distributed to the members. [1]

More information via http://en.wikipedia.org/wiki/Rotating_Savings_and_Credit_Association