These are called https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund. Pretty common in countries where access to the formal banking

These are called https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund. Pretty common in countries where access to the formal banking sector, especially for women who are home-makers, is complicated.