Recently, while I was away on vacation in Mexico, I learned of a family who participated in a 'savings ring.'
This article appeared on one of my feeds the other day and it describes the system. In the case of people from West Africa, it's called 'sou-sou.'
A group of people commit to paying into a pot for every given time period, i.e. a month or bi-weekly.
Each time there are contributions, one member of the ring takes all the money.
The ring is held together by social obligation and the relationships between the participants.
For those who take the money early on, it's an interest free loan, for those at the end of the cycle it's a savings program.
Read more here at this article.
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