- 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
- It is practices are simple and based on the context of the community.
- It is primary purpose is to provide simple savings and loan facilities in a community that does not have access to formal financial services.
- Senior Citizens