Savings & circles · 3 min read
Contribution circles (group savings)
Save as a group with a clear schedule and a record everyone can see.
A contribution circle is the familiar group-savings arrangement, run properly: a set amount, a set schedule, and a payout order everyone can see. Every contribution is recorded in your activity, so nobody has to keep a notebook.
- 1Open Contributions and create a circle: name, amount per round and how often.
- 2Invite members — they must be verified Rainpay users.
- 3Each round, members contribute from their wallet and the payout goes to whoever's turn it is.
- 4Everyone gets an alert for each contribution and payout.
Only invite people you know and trust. Rainpay records and moves the money exactly as the circle is set up, but it cannot force a member to keep contributing.
Rainpay is a financial technology company and is not a bank. Banking, payment and deposit services are provided by licensed financial institutions and licensed payment service providers regulated by the Central Bank of Nigeria, currently Beamer Microfinance Bank, Platnova and Red Biller Technologies.