Every day, new informal savings groups are created as social organizations formed to help community members save money for specific purposes (either individual or community level). The two most common examples are Rotating Savings and Credit Associations (ROSCAs) or Accumulated Savings and Credit Associations (ASCAs). ROSCAs function by taking monthly deposits from each member of a group and then giving the whole monthly sum to one member of the group. The recipient of the monthly sum is based on a predetermined rotation, ensuring each participant will eventually receive a large share-out. ASCAs also require group members to make regular contributions. Instead of rotating share-outs, the ASCA group fund is used to make loans that are paid back with interest. Loans are made either to group members or trusted third parties. After a certain period of time (often six months to a year) the group funds itself and its proceeds from interest are paid back to the original members.
Generally, Savings Groups has been an approach used by over four million groups to facilitate savings and credit in a small-scale and sustainable way. By facilitating savings and access to micro-credit, savings groups enable community members to plan ahead, to cope with household emergencies and to develop their livelihoods. It has been proven to be an effective approach for helping families to increase their economic resilience.
According to FinMark Trust’s FinScope survey, there were roughly 37 million people participating in some kind of informal savings group in East Africa as of 2009. In West Africa, Nigeria alone had nearly 41 million people participating in such groups (Napier, 2009). The value these individuals gain from participation in a savings group includes both tangible economic benefits as well as intangible social benefits. Esusu, as fondly known in nigeria still remains a trusted means for informal individual/group savings.


RICHOUT CONTRIBUTION NETWORK brings you gigantic improvement to both the ROSCAs/ASCAs model. See the differences;


GROUP POPULATION:
Savings Groups are composed of 15 to 30 self-selected individuals who meet regularly and frequently to save, RCN provides you a network of people up to about 55,000 to create your own savings group.
SAVINGS AMOUNT:
Different savings groups agree on different amounts based on its member’s ability. Most time small amount plus small number of members always equal small share-outs, or big amount with small population equals average amount. With RCN small amount plus very large population always equals very large share-outs.
WAITING PERIODS/ ROTATING TURNS:
Savings Groups generally operate in nine to 12 month cycles. This means a member has to save for that long and wait for his/her rotating turn to receive a group accumulative sum only once in a cycle. RCN though operating with monthly savings also offers monthly share-outs. This means you do not receive share-out once in 1 year but every month, 12 times in one year.
CREDIT FACILITY:
In the regular savings group, at the end of every cycle, the accumulated savings and interest earnings are shared out amongst the membership thus providing useful lump sums to members. After each share-out, groups immediately begin another cycle of saving and borrowing. RCN ends your need for loans and borrowing. Instead of borrowing from the group fund to repay with interest, you simply earn from the group and free of indebtedness.
NETWORK BECOMES NETWORTH:
Regular savings group makes you network with small number of members, RCN builds you a populace where you can earn from as you all make your group savings…your network becomes your networth. Imagine making a monthly savings of only N1000 every month and earning N100 from 55,000 members of your savings group members contribution in your network. N100x55,000, N5,500,000 becomes your monthly networth.
TIMING IS NETWORKING
RCN is offering a Pre-Launch Positioning now from 1st to 28th February 2018, Position yourself now, refer and register only 6 downlines under you and start building your savings group populace to 6 generations. Your time starts now

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