ARYASix funds for all the money of your association.
Each fund has a clear purpose. For each one, here is what it is for, how it works, and an example with figures. The amounts are examples: every association sets its own rules.
Everyone pays the same amount, everyone receives the pot in turn.
This is the best-known fund. All participants pay the same amount each round. Each round, one of them receives the whole pot. When everyone has received it, the cycle is over.
How it works
- Its own rhythm. A tontine can turn at every meeting, or once a month even if the association meets every Sunday.
- Who gets the pot? The association chooses: in an order fixed in advance, by drawing lots, or by auction.
- Auctions. Whoever needs the money right away offers to leave a small amount behind. Whoever leaves the most wins the round. Members bid in the room or from their phone, abroad.
- Late payments. A participant who does not pay on time gets a penalty, according to the association’s rules.
- Debts first. When a member receives the pot, whatever they still owe (late contributions, penalties, fines) is taken from it. They leave with no debt.
- At the end of the cycle, the money from auctions and penalties is shared among all participants, after the association’s share, which goes to the central reserve. A new cycle can then start on the same terms, in one step.
The 10,000 FCFA monthly tontine
10 members pay 10,000 FCFA every month. Each month, the pot is 100,000 FCFA. The cycle lasts 10 months.
In March, Brice needs money for his children’s school fees. He offers to leave 5,000 FCFA, more than anyone else: he wins the auction.
The 5,000 FCFA stay in the fund. After 10 months, auctions and penalties add up to 25,000 FCFA. The association takes its share (10% here); the rest is shared among the 10 participants, Brice included.
Put aside what you want, and your money works through loans.
Everyone deposits what they want, when they want, with no minimum. During the year, the fund’s money is lent to members who need it. The interest on these loans becomes profit, shared among the savers.
How it works
- Free. Save at your own pace: 1,000 FCFA one week, 20,000 FCFA the next month.
- Loans to members. A member can borrow from the fund, at an interest rate set by the association. Before asking, ARYA shows them exactly how much they will pay back.
- Profits are shared according to the association’s rule: by what each member lent, or by how much and for how long each member saved. In that case, 10,000 FCFA deposited in January earn more than 10,000 FCFA deposited in November.
- At the end of the financial year (usually at the general meeting), everyone gets back their savings and their share of the profits.
- You can carry on. Each member chooses in the app what they leave for the next year: all, part or nothing.
Paul saves, Marie borrows
Paul deposits 5,000 FCFA every week. In one year, he has put aside 260,000 FCFA.
In April, Marie borrows 100,000 FCFA from the fund for her shop, over 3 months, at 2% per month. Before confirming, the app shows her what she will pay back:
The 6,121 FCFA of interest are profit for the fund. At the general meeting, Paul gets back his 260,000 FCFA and his share of the profits. He decides to leave 100,000 FCFA for next year: the rest is paid to him.
Members fund one member’s project, and share the profit.
A member has a project: a mill, a taxi, a stock of goods. They ask the association to fund it and commit to paying back more than they received. The members who invested share that surplus.
How it works
- The project holder proposes the project in the app: the amount, the collection deadline, the repayment plan and the documents. They pay a review fee, which goes to the central reserve.
- A committee reviews it, and the auditor accepts or rejects it, always with a reason.
- Everyone invests what they want, the project holder included, up to the amount requested.
- If the collection is not complete by the deadline, the project holder chooses: take what was collected, or cancel. If they cancel, everyone is refunded at once.
- The project holder repays according to the plan. Everything paid beyond the amount received is profit.
- At the end, each investor gets back their stake and their share of the profit, in proportion to what they invested, after the association’s share.
Samuel’s maize mill
Samuel asks for 1,000,000 FCFA for a mill. He offers to repay 100,000 FCFA a month for 12 months.
Samuel invests 200,000 FCFA himself, Awa 500,000 and Éric 300,000. At the end, the association takes 10% of the profit (20,000 FCFA). The remaining 180,000 FCFA are shared according to the stakes:
A personal reserve that protects the member and the association.
Each member has their own insurance fund. It is their money. The association sets a minimum, the same for everyone. The fund is a guarantee: if one day the member cannot pay, the association does not lose out.
How it works
- It fills up by itself. Before paying money to a member (a pot, profits…), ARYA checks their fund. If it is below the minimum, it is topped up from what the member receives.
- You can do more. A member can deposit above the minimum, for extra peace of mind.
- It is a guarantee. An unpaid project instalment, or a loan to settle at the end of the year, can be paid from the member’s insurance fund.
- It can back up a tontine or a social fund, if the association names it as the backup fund.
Brice’s pot
The association has set the minimum at 25,000 FCFA. Brice’s fund holds only 15,000. He is 10,000 FCFA short.
Brice receives the tontine pot, 100,000 FCFA. Before paying him, ARYA tops up his fund:
The 10,000 FCFA are not lost: they are in his fund, which now reaches 25,000 FCFA. It is still his money.
The association’s own money.
The central reserve belongs to no member: it belongs to the association. It pays for parties, donations and equipment. ARYA creates it with the association, and everyone can see what comes in and what goes out.
What comes in
- Fines: absence, lateness at the meeting, disorder, according to the association’s rules.
- The association’s share of the funds: tontine auctions and penalties, profits from loans and projects.
- Review fees for investment projects.
- Income: renting out chairs or the tarpaulin, services, grants.
- What was due to a member who left (their share of auctions or profits), so that their departure neither harms nor enriches anyone.
What goes out
- Expenses decided by the association: receptions, charity, equipment.
A year of the reserve
Over the year, an association’s reserve received:
At the general meeting, the association buys a sound system for 150,000 FCFA. 45,000 FCFA remain in the reserve, and every member can see where every franc went.
Your funds, with your rules.
Amounts, rates, penalties, rhythm, the association’s share: each association sets up its funds the way it is used to. Show us yours, and we will set them up with you.
Request a demo arya@orbit-tech.net
Everyone together, when a member goes through an event.
This is the solidarity fund. It opens for an event (a bereavement, a birth, a wedding) or for a recurring expense (renting a pitch, a party). All active members take part.
How it works
Jean’s bereavement
Jean’s father has passed away. The association opens a social fund of 300,000 FCFA. It has 40 active members.
On the day of the handover, 3 members have not paid yet. The backup fund advances their 22,500 FCFA. Jean does receive his 300,000 FCFA. The 3 members then pay back the backup fund.