Tontine or savings account? Why not both!

In Africa and Cameroon in particular, the tontine is part of our daily lives. It is a popular, simple savings method and above all based on solidarity. But today, in the digital age and modern banking, more and more young people are also discovering the benefits of Savings account. So, do we have to choose between tradition and modernity? What if the real solution was to combine the two?

Tontine: the strengths of a traditional system

The tontine is a system where several people (friends, neighbours, colleagues, family members) regularly contribute a given amount, and in turn, each person receives the entire kitty. It is a simple way to access a large sum without going through a bank loan.

The advantages of the tontine:

• It encourages discipline and commitment.

• It is based on trust and solidarity.

• It allows you to quickly carry out a project (pay for a training course, launch a business, buy a property).

• It is flexible : you choose your group, your amount and the frequency.

But the tontine also has its limits : no remuneration on the money contributed, a risk of non-payment if some members do not play the game, and no bank security in the event of loss or conflict.

Savings account: your money secure and valued

The savings account, it’s the modern solution to grow your money while keeping it safe. With a savings account with Africa Golden Bank, you benefit from:

• An interest rate on your money

• Peace of mind : no need to chase someone to get your money back

• Modern banking services (history, alerts, statements, etc.)

A savings account also helps you structure your savings, plan for the long term and get used to real financial management.

What if you did both?

The idea is not to choose between the tontine and the bank. You can use both intelligently :

• Use the tontine for short-term goals : a quick project, an urgent expense, a family contribution.

• Use the savings account for medium or long-term projects : studies, travel, major purchases, entrepreneurial projects.

For example, if you earn 20,000 FCFA per week during the holidays, you can pay 10,000 FCFA into a tontine with your friends or cousins, and put 5,000 FCFA in your savings account, while keeping 5,000 FCFA for your immediate needs.

Africa Golden Bank support

At Africa Golden Bank, we know the importance of traditional practices such as the tontine. That’s why we Let’s not pit tradition and bank against each other, but we combine them to offer you hybrid solutions that are flexible and adapted to your reality.

Our advisors can help you:

• Create a savings account

• Establish a personal savings plan

Between the solidarity of the tontine and the security of the savings account, you don’t have to choose. By combining the two, you benefit The best of both worlds : the strength of your community and the power of modern tools.

Africa Golden Bank is with you every step of the way, whether you’re saving at home or at the bank. The important thing is that you save intelligently, regularly, and for a specific purpose.