With a simple idea, many Egyptians manage their financial challenges. The challenge of saving under strained living conditions is eased through what they call El Gameya, an informal rotating savings group, or group lending. While versions of collective saving exist in many countries, especially across the Arab region, participation is unusually high in Egypt. According to a 2018 study by the American University in Cairo, 43 percent of Egyptians join Rotating Savings and Credit Associations (ROSCAs), informal saving groups usually composed of 10 to 20 family members, friends, or coworkers. These groups are the most common way people save outside of banks. Each month, members contribute a fixed amount, and one participant collects the entire pot in an agreed-upon order. The appeal lies in its simplicity, no interest, no profits, and the flexibility to run for as long as the group needs. The organizer usually receives the first payout. Members who contribute two shares typically get one payout early and another at the end. Some participants prefer to be among the last to receive their share, choosing long-term saving for non-urgent needs. Some join to furnish a new home before…
