8.16.2022

10 Reasons To Use A ROSCA App

10 Reasons To Use A ROSCA App

Setting up a savings club can be tricky. You need to decide who to invite, how much each person should contribute, and how you’re going to collect and pay out the money.

But even when you know how to start a rotating savings club, managing it can be a headache. First, there’s tracking who’s paid in. Then there’s making sure you have enough money in the pot for the next payout. Then there’s chasing up late payments and collecting money from around town.

Using a ROSCA app makes the whole process easier. With Bloom’s ROSCA app, all the information you need is stored in one place — and contribution collections and payouts happen automatically.

Do you need a ROSCA app?

People all over the world have used ROSCAs to save money for centuries — without an app. It’s a trusted, traditional way to save — which is why ROSCAs are so popular in growing UK communities.

But using a ROSCA app makes saving money safer, simpler, and more accessible to communities all over the UK.

So how does Bloom’s ROSCA app work — and how can it make your savings club easier to manage?

10 ways Bloom can help you manage your savings club better

1. Bloom makes it safe to send and receive money

Dealing in cash is a big risk — especially when you’re collecting and holding other people’s money.

Bloom is a much safer place to keep your money. You can send and receive money online, reducing the risk of theft and money loss.

2. Set up a savings club with anyone in the UK

All you need to join a Bloom Circle is a UK bank account. That means you can create a savings club with people all over the country — without having to travel to collect or deliver cash.

It’s a super convenient way to make sure communities across the UK can thrive and save for what matters most — whether it’s travel, education, or building intergenerational wealth for their families.

3. There’s no need for the notebook

With Bloom, all your payments — incoming and outgoing — are recorded and displayed clearly in the app. They’re also scheduled automatically, so you don’t need to track contributions in a notebook.

4. Save with up to 10 friends or family members

Bloom enables you to save with up to 10 people from across the UK in a single savings club. You can also be part of multiple committees if you want to save with different groups of friends.

5. Only invite trusted savers to your ROSCA

You don’t need to worry about people you don’t know accessing your money. Bloom allows you to invite specific people to your savings club, keeping your group small and secure.

6. Get payment reminders to help you manage your money

Bloom tells you when ROSCA contributions are due to be taken from your current account. This helps everyone manage their money better, and ensure they have enough money to keep contributing to the savings club.

As the savings club organiser, you’ll also be notified when payouts are scheduled.

7. Protect your accounts from fraud and identity theft

Financial safety is our top priority — so we use fraud prevention software and ID verification partners trusted by the world’s biggest banks. These services protect your money and your identity from fraudsters.

8. Save in a Sharia-compliant way

ROSCAs are a Sharia-compliant way to save — and we’re committed to keeping it that way.

We don’t invest your money — Bloom simply keeps it safe until it’s ready for you to withdraw. So you can be sure your savings club complies with your religious values beliefs.

9. Ethical savings for people from all communities

Because we don’t invest your money, we’ll never use it to finance businesses that don’t align with your ethics.

No matter what you’re opposed to — big oil, tobacco, gambling companies, or all of the above — the money in your Bloom Circle is never invested in these businesses. It’s a great alternative to finding an ethical savings account.

10. Set up for all kinds of savings clubs

Hagbad, pardna, ajo, esusu — there are dozens of names for ROSCAs around the world. But no matter what you call your rotating savings club, Bloom will work for you.

See how Bloom works

Want to find out more about setting up your savings club with Bloom? Learn how Bloom’s ROSCA app works and see how easy it can be to start and manage your savings club.

Cookie Settings
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. More info
Cookie Settings
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. More info
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.