Economy
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…
