Oral Accounting

Three women stood up. One held a key aloft as she stepped to the middle of the circle, while another bent down to pick up a metal box by her feet and brought it to the first. The president asked the group to announce the amount of money that should be in the box: 14,400 of the West African franc, abbreviated CFA (US$30). The two women unlocked the box and placed it down so that the third woman could count the money. There was respectful silence while she worked. She announced, “14,400 CFA.” The first two women sat back in their places while the third, the cashier, remained with the box.

Next, the president asked to collect the fines owed from the last meeting for absences, tardiness, missing a savings deposit, and late loan payments. Failing to bring one’s savings deposit meant having to pay a 50 CFA fine (10 cents) the next week in addition to bringing both weeks’ savings. Being late cost another 25 CFA and an absence cost 50 CFA (5 and 10 cents, respectively) unless the member sent along her savings and a good excuse with another member.

A few women raised their hands and in turn called out the fine owed by the woman sitting to their immediate right. Group members always sat in the same order, so each person could act as a “helper” for the one next to her. When the president called the name of a woman who owed money, the woman stood, occasionally to the ribbing of her fellow group members if she was one of those who teased back. The group was serious about money but easy on each other. They repeated the amount of their fines and handed it to the cashier, who announced the payment to the group fund. Hearing each step made every member a participant in the accounting, ensuring that everyone could follow along and understand.

After the fines came the savings. While most women saved a single share of 100 CFA ($0.20) per week, many committed at the beginning of the yearlong savings cycle to bringing two, three, or up to five times that amount. When the fund was divided, those who saved more would receive two to five times the dividend of a woman who saved only one share. When it was her turn, Bintou stepped to the cashier and placed 200 CFA—two shares—in the palm of the cashier, who counted it and placed it in the box. She sat back down and grabbed another handful of peanuts.

Collecting savings and fees was the last part of the short weekly meetings, which usually dissolved into an impromptu party before everyone had to head back to work. Once a month the group held an extended meeting for paying old loans and taking out new ones and for hosting topical discussions and trainings. This was one of those longer meetings. Each member with an outstanding loan paid the interest on her loan, 100 CFA for every 1,000 CFA borrowed, or 10 percent per month. They decided to charge each other this high interest rate so that they could build the loan fund more quickly and receive a larger payout when the fund was divided. Once the interest was paid, those whose loans were due that meeting repaid them in full. Most of the loans were small, under twenty dollars; fifty dollars would be considered a large loan for the group. The majority of women repaid within one month, although some loans were for two or three months, and agricultural loans extended over as many as six months. After loan business concluded, the cashier counted and announced the amounts of savings, fines, and loans collected and the new total in the cashbox—26,000 CFA (about US$53). This was how much they could lend out this meeting.