Xitique, a financial habit in Mozambique

Xitique, a financial habit in Mozambique
Xitique is an informal saving and credit arrangement based on mutual trust. Two or more people contribute a fixed sum which is lended in turn to one member of the group
Video Duration: 
Friday, July 15, 2016

Xitique, a financial habit in Mozambique

Her name is Elsa. She is a married woman with five grown up children. She experienced the pain of losing a child. Early in life, she began to work, selling articles of clothing and foodstuffs in the market. To be able to save and to invest, she always took part in the Xitique.

In the market place where she sells her goods, she conducts a Xitique with ten of the people around her. At the end of the day each one of them contributes 100 meticals to the Xitique; adding up weekly to 600. Thus each member of the Xitique participates with at least 2,400 a month. At the end of the month, the sum of 24,000 meticals is collected and one of the participants receives the accumulated sum; and in a routine manner the same process is gone through in the course of ten months. The day the Xitique comes to a close a big party is thrown for the participants and other invitees...

The Xitique is not made only for economic ends. Nowadays it is made for all classes of society, among men, women, adolescents and young adults. The money is used to improve businesses, as well as for finding relatives and friends.
The Xitique is ours; made on the basis of trust. There is no need for banks or credit cards. There is no interest placed on loans... There is no bureaucracy; nor queues for depositing, nor for withdrawing… one does not waste hours in the bank. One does not run up external debt. Educated and uneducated have their savings. The Xitique is made within an internal circle of harmony and joy, complementing social conviviality.


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