CIRCULسركل

How a savings circle works

A savings circle (jameya, ROSCA) is a group that agrees to pay a fixed amount on a fixed schedule. Each turn, one member receives the total. Here is exactly how that runs in CIRCUL.

Step by step

  1. The organiser creates the circle

    Choose the contribution amount, the schedule and how many members (2 to 24). The cost in CU is shown before you create it; your first circle is free.

  2. Members join with an invite

    Share the invite link or the 6-character code (such as K7Q 4MP). With “Approve each new member” on, people who open the link wait for the organiser’s approval. A code stops working once the circle starts or is full, and the organiser can replace it at any time.

  3. Set the turn order and start

    Before the start, the organiser checks every seat, IBAN and turn. When the circle starts, the members and the turn order are fixed.

  4. Members pay the organiser

    Each cycle, every member except that turn’s recipient transfers the contribution from their own bank to the organiser’s IBAN shown in the app, then taps “I’ve sent it”. They can attach a proof of transfer.

  5. The organiser confirms

    The organiser checks their bank app and confirms each contribution, or disputes one that didn’t arrive so the payer can send it again.

  6. The organiser pays the recipient

    Once every contribution of the cycle is confirmed, the organiser transfers the pot to the recipient’s IBAN, and the recipient confirms it arrived in the app.

  7. Next turn

    When every transfer of the cycle is confirmed, the circle moves to the next turn. After the last turn, the circle is complete and its history stays available.

  1. Members
  2. bank transfer
  3. Organiser
  4. bank transfer
  5. Recipient
CIRCUL keeps the record. It never touches the money.

A worked example

Ten members agree on 1,000 AED a month. Each month one member is the recipient. The other nine each transfer 1,000 AED to the organiser, and the organiser transfers 9,000 AED (the contribution × members minus one) to the recipient. The recipient does not transfer to themselves in their own month.

Over ten months, everyone pays 9,000 AED and receives 9,000 AED once. Members early in the order get the money sooner; members later in the order save up first. There is no interest and no fee from CIRCUL.

What the statuses mean

  • Due: the transfer is expected.
  • Reported: the payer says they sent it (“I’ve sent it”).
  • Confirmed: the receiver checked their bank and confirmed it arrived.
  • Disputed: the receiver says it did not arrive as reported; the payer is asked to send again.
  • Overdue: still unpaid after the due date and the circle’s grace days. The organiser sees who is late; other members only see that the payout is delayed.

The record shows what members reported and confirmed. It is not a bank statement.

Not a bank. CIRCUL is a coordination and record-keeping tool, not a bank. It never holds, moves or guarantees money. All transfers happen between members’ own bank accounts. Only join circles with people you know and trust.

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