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189 sats \ 1 reply \ @KenyaCoin 29 Sep 2022
Hey, they've created a "Bitcoin susu"!
A "susu", or an informal financial scheme categorized as a "rotating savings and credit association" (ROSCA). Local implementations will go by different names, depending on the language and region where the associations operate. In general, think of a "Merry-go-round" (which is the name used in some places).
Susu (informal loan club)
https://en.wikipedia.org/wiki/Susu_(informal_loan_club)
Chama (investment) - Merry Go Round (ROSCA)
https://en.wikipedia.org/wiki/Chama_(investment)#Merry_Go_Round_(ROSCA)
The susu is kind of like a way of purchasing on lay-away:
How To Buy A Goat When You're Really Poor? Join A 'Merry-Go-Round'
https://www.npr.org/sections/goatsandsoda/2017/08/19/542436391/how-to-buy-a-goat-when-you-re-ultra-poor-join-a-merry-go-round
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0 sats \ 0 replies \ @KenyaCoin 29 Sep 2022
Here's a Tweet in a Twitter thread describing another instance of a merry-go-round:
https://twitter.com/pesa_africa/status/1031598250967662593 [Nitter]
https://twitter.com/pesa_africa/status/1031598551883763713 [Nitter]
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