Yahoo Finance has recently launched a new app called Tanda, a peer-powered social savings mobile-only app where groups of five (or nine) Tanda members can join in saving circles and collectively contribute a fixed monthly payment towards the saving circle’s set goal (up to US$2,000).
Each month, based on the user’s payout position preference, a single member of the saving circle will be able to withdraw the full amount of the shared pool and the process repeats until every member receives a full payout.
If any member drops out or stop contributing during the course of the savings term, Tanda will take over the missing payments to prevent any disruptions.
To further protect their members, every Tanda member will be vetted and be required to submit a valid identification and U.S. bank account before they can start saving.
This collaborative social savings approach is based on the “rotating savings and credit associations” (ROSCA) concept and is designed to help individuals – especially the younger, socially savvy demographics – to achieve their financial goals and improve their financial situation.
Find out more about Tanda by Yahoo Finance here.
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