Member-only story
Out of the dark and into the light: The ROSCA movement in Canada
A time tested, liberatory and increasingly popular finance model that transforms lives.
Most Canadians have never heard of a Susu, Pardner, Hagbad, Chit Fund, or Tontine, collectively known by their academic name, ROSCA. But that’s about to change. Especially if Dr. Caroline Shenaz Hossein has a say — and the freedom to say it.
For over ten years now, Dr. Hossein, award winning University of Toronto scholar, author, international speaker, and daughter of Caribbean immigrant parents, has been an unstoppable researcher and fiery advocate for the acceptance of ROSCAs as part of our financial system.
Dr Hossein, also a founding member of the Banker Ladies Council, has been holding the torch through her research for over a decade; Illuminating a growing important and misunderstood form of community banking operating in a wide variety of communities across Canada.
Despite efforts by mainstream financial institutions and even Dr. Hossein’s colleagues who try to discredit and discourage ROSCAs, including research in this area, Dr. Hossein believes that ROSCAs time to shine openly has finally arrived. Researchers estimate there are 1,000 or more ROSCAs operating in Canada at any one time.
