Savings circles · ROSCA
The practice is centuries old. The record is new.
A rotating savings circle needs no bank, no contract and no credit check. It only ever needed one thing it never had, somebody writing down that you paid, every month, on time. Wiremi does that, and weights it at 45% of your Community Credit.
- Weight in the score
- 45%
- Proof documents
- None
- Frequency
- Weekly to monthly
One practice, many names
Wiremi supports rotating savings under all of them. The mechanics are the same everywhere, and so is the trust it runs on.
- NjangiCameroon
- EsusuNigeria
- SusuGhana
- TontineSenegal · France
- AjoYoruba
- ChamaKenya
- StokvelSouth Africa
- Chit fundIndia
- HuiChina
- KyeKorea
- CundinaMexico
- PasanakuBolivia
- ArisanIndonesia
- PaluwaganPhilippines
- SandukSomalia
- JamiyaEgypt · Levant
How a circle runs
Equal contributions. Everyone takes a turn.
Wiremi does not change how a circle works. It automates the collection, keeps the order honest, and records what happened.
- 01
Set the circle
Pool size, contribution amount, frequency, and whether the rotation order is fixed or drawn. Seats can be split, and turns are placed apart.
- 02
Contributions run
The amount leaves your wallet on the day you set. The app tells you before it goes, and tells you what a miss would cost your score.
- 03
Someone takes the pot
Each cycle one member receives the full pool. Payout milestones show who has been paid and who is next.
- 04
It becomes your record
Every contribution and every payout turn is written to your Community Credit, the day it clears, with the amount it moved.
The reserve wallet
A circle can lend its own money, to its own members first.
Circles accumulate a reserve. Rather than leaving it idle, a circle can put it to work as a peer benefactor, lending to members first, and to the wider Wiremi book only after that, under a cap the circle sets on how much may be out at once.
The circle votes before Wiremi reviews anything. A borrower is never named, inside the circle or outside it.
Governance
Nothing changes in a circle without a vote.
Any member can raise a request: a loan against the reserve, early funding, a swap of turns, or a change to the rotation. It goes to a poll, the poll closes, and the result is what happens. Wiremi runs the mechanics and stays out of the decision.
Why it is weighted heaviest
A circle payment has a person on the other end of it.
A bill has a company on the other end. A circle contribution has your neighbour, your cousin, the woman who runs the shop on the corner. That is why almost nobody misses one, and that is why it predicts repayment better than anything else we can measure.
More than loans, rent or savings
Against a utility bill, when you file
Wiremi verifies contributions itself
About circles on Wiremi
- Do I have to prove my contributions?
- No. Circle contributions are the only reportable category that needs no document, because the payment ran on Wiremi and we verified it as it happened. Rent and utilities need proof; circles do not.
- What if someone in my circle stops paying?
- The miss is recorded against that member and the circle sees it. The pool and the rotation are the circle’s to manage, and a vote can change the order or the terms. Wiremi records; the circle decides.
- Can I run a circle with people who are not on Wiremi?
- They need a Wiremi account for the contribution to be verified, and verification is the whole point. An unverified payment cannot become part of anyone’s record. Inviting members takes a link.
- Can I be in more than one circle?
- Yes, and every circle you run feeds the same score. Ori will tell you what a second circle does to your month before you commit to it.
- What happens when a circle finishes?
- Completed circles keep counting. The score reads live and completed circles together, so finishing a full rotation is worth more than starting three.
Join or start one
Ten people, one pot, and finally a record of it.
Start a circle with the people you already trust, or join one that is running. The first contribution is the first line of your file.