- It is a community-based groups that mobilise and manage their own savings, providing loans to members and offering a limited form of financial insurance
- It is self-managed and independent
- It is usually time-bound – it shares out member equity at least once a year in proportion to savings
- Meant to establish institutional and financial independence
- Its practices are simple and based on the context of the community.
- Its primary purpose is to provide simple savings and loan facilities in a community that does not have access to formal financial services.
CoMSCA is a system of creating a local pool of capital:
- To provide members access to useful lump sums to meet predictable expenses
- To reduce shocks to vulnerable livelihoods
- Facilitate household cash-flow management
- And make short-term investments in income-generating activities.
- Senior Citizens