Sometimes also called Money Circles from my experience it's a topic either you love it or you hate it or you have no idea.

AKA ( Also Known As) hagbad or Ayuuto in Somalia | Chama in kenya | Ekub in Ethiopia | Susus in caribbean | Tandas in Mexico | Pandeiros Brazil | Gam'eya جمعية Arab Countries | Chit Fund in India | Hui in China and Kye in Korea

its a group of Savers and borrowers that get together periodically to pool money together and once that money is pooled one of the members gets it.