Mon October 4, 2010
Djanggi: A Cameroonian Approach to Collective Finance
Kansas City, MO – With the financial system still in turmoil, there's a very traditional alternative to loans that some Kansas Citians are using. Djanggi has its roots in the African country of Cameroon. There's similar practices in other parts of Africa and the Caribbean.
A djanggi group consists of people usually of the same sex, age and income level, who pool money together. Say there's a group of 10 people, and each member gives $100 to the pool every month. Then each month, one person takes home the $1000 pot.
Cameroonian immigrants have brought the practice to Kansas City. They use it as a way to pay for things like downpayments on cars and houses, or tuition and travel.
KCUR's Susan B. Wilson spoke to Emmanuel Ngomsi about the practice. He explained that djanggi can be a alternative to banking, and strengthen community bonds.
Emmanuel Ngomsi runs Universal Highways, Inc., a company that provides training in cross-cultural awareness.