Have You Heard Of The Pardner System?

Описание: Have You Heard Of The Pardner System?
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Pardner – If you are wary of traditional banks and financial institutions, you can still find ways to save. We are going to explore a saving method that may be new to you but can be amazingly effective. You may have heard of the pardner system. It is a financial mechanism that allows you to save and is based on trust among the participants or members. It is known by different names depending on where you live in the world. However, in the United Kingdom, it is often referred to as a partner hand.
Let’s explore what it is all about.

How Does The Pardner System Work?
What makes the pardner system so noteworthy is its simplicity. The official term for the system is a rotating savings and credit association. A pardner works when a group of people decides to collect a predetermined contribution and place it into a pool. This amount is collected each week or month. All the monies collected are then given to one of the participants.

This amount is called a “hand”. This process is repeated for each of the participants. The person who is in charge of the pardner is called the banker. This person collects the money. The pool of money is called the draw. This money is paid to the participant whose turn it is to collect.

Let’s discuss in terms of an example.

12 persons decide that they will participate in a monthly pardner beginning in January 2021.

The banker will usually ask each participant which hand they would like to have. The first hand would be paid at the end of January. The last hand would be paid at the end of December.

The pardner system is considered both a loan and a savings program. The person who chooses the first hand has in fact taken a loan. They are paid the amount upfront and then pay the monthly installments for the rest of the year. The person who takes the last hand has created a saving. They have basically saved the money bit by bit until they are paid the lump sum and the end of the year.

Do You Pay Interest In A Pardner System?
No, you do not pay or earn interest if you join a pardner or susu.

How Is Money Collected In A Pardner?
If you join a pardner, the entire group decides when the “hands or lump sums will be paid out. pardner payments can be disbursed annually, monthly or weekly.

What Is The Pardner System Called In My Country?
The pardner system has been utilized all over the world but it is often called by different names depending on your geographical location. The word “pardner” is the Jamaican terminology for the informal financial system. Here is a guide of the different names for the Pardner system around the world.

Caribbean- Susu.

Jamaica- Pardner or Panda.

West Africa- Susu, Sou Sou or Osusu.

Africa (in general)- Likelemba.

Latin America/ Mexico- Tanda.

Asia- Hui.

Peru- Juntas.

South Africa- Stokvel.

Pakistan – Committee or Quiniela.

El Salvador and Guatemala- Cuchubales.

Chile- Pollas.

Indonesia- Arisan.

Brazil- Pandeiros.

Philippines- Paluwagan.