ROSCA Apps: Everything You Need To Know

ROSCA Apps: Everything You Need To Know

Looking for a way to make managing your savings club easier? Find out everything you need to know about ROSCA apps in this guide.

What is a ROSCA?

ROSCA stands for Rotating Savings and Credit Association — but they’re a lot simpler than they sound. ROSCAs are a type of group savings club, in which each member pays in regularly. Each month (or another established interval), one member of the group receives the total payout.

This kind of savings club is part of traditions all over the world. There are different names for ROSCAs in different communities and cultures, including pardna, committees, gameeya, tanda, esusu, ajo, and ayuuto.

What is a ROSCA app?

A ROSCA app is a program you can download to your phone or other mobile device that helps you set up and manage your savings club. It’s designed to make it easy, secure, and convenient to run a pardna scheme or committee.

Most ROSCA apps include features like:

  • Individual accounts — so each committee member has their own secure login
  • Linking to bank accounts or bank cards — so deposits and payouts can be managed in the app
  • Messaging integration — so it’s easy to share information between group members.

Is a ROSCA app the same as a pardna app or ayuuto app?

Yes! ROSCA apps are the same as pardna apps, ayuuto apps, committee apps, and any other technology that’s used to manage your informal savings club.

However, while all these apps are designed to help you manage your ROSCA, they often have slightly different functionality and rules.

How using an app can help you run your savings club

Setting up a savings club isn’t easy. You need to track incoming cash, arrange payouts, and account for people who miss their payments. This often involves carrying large sums of money around the country, monitoring income and outgoings, and a lot of travel.

A ROSCA app takes the headache out of all this. It allows you to save in a trusted, traditional way — with all the convenience of modern technology. No more guarding that notebook with your life!

ROSCA apps allow you to:

  • Use your smartphone to manage your ROSCA — everything you need is in one place
  • Send and receive money to your connected bank account securely — you don’t need to carry large amounts of cash
  • Exchange money from the comfort of your home — there’s no need to spend time and money on delivering money in person
  • Include people from all over the UK in your savings club — wherever you go, you can access your ROSCA
  • Save and build wealth across your community — creating more opportunities for future generations.

How much do ROSCA apps cost?

It’s usually free to download a ROSCA app. However, to keep the platform running and continue developing new features, you’ll pay a small flat fee to set up your ROSCA in the app.

The fee is usually a set amount that scales depending on the size of your payout. It's often less than you’ll pay in travel fees or tipping a hand to your ROSCA organiser.

Are ROSCA apps ethical?

ROSCA apps are different from savings accounts and normal banking apps. They don’t pay or charge interest on what you save, and they don’t invest your money. As a result, they’re a simple, ethical way to save with your community. Find out more about ethical money management and Sharia-compliant saving.

Are ROSCA apps safe?

ROSCA apps are much more secure than exchanging cash. By linking your bank account to the app, you can send and receive money directly, without having to withdraw or deposit large sums of money.

They’re also a lot more convenient than regular online banking. Because your committee members are linked in one central place, it’s easy to send and receive money from them without accidentally transferring it to the wrong account. Learn more about the safety of using money apps.

Bloom’s ROSCA app: how does it work?

Bloom’s app offers a safe, ethical way for you to set up and manage your ROSCA. Invite up to 10 people to join your Bloom Circle, then chat and exchange money with them through the app.

Our technology is built on trust and tradition — so you can save the same way as generations before you. Find out more about Bloom’s values and see 10 reasons to use a ROSCA app.

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