On most continents - from the USA to Africa and Asia - various forms of rotating savings and credit associations (ROSCAs) serve men and women of the community, often as their major -- and sometimes their only -- savings institution. ROSCAs are self-help money-pooling associations with participants who agree to make regular contributions to a fund which is given, in whole or in part, to each contributor in rotation. Many ROSCAs have elaborate systems to cope with inflation, default and the distribution of benefits. In providing important social and welfare resources they constitute valuable...