RENCAM was formed in 1994 by a group of Cameroonians in Reading, UK, who decided to follow the ‘tradition’ by coming together to form a financial Njangi. A Njangi is a Rotating Savings and Credit Association (ROCSA). Prevalent in most of Africa and Asia, a financial ROCSA is a group of individuals who agree to meet to save and borrow together, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs.
The main reason for having a ROCSA is to enable individuals to benefit from the power of community rather than work in isolation. Such an organisation can only be successful if members have shared interests that bind them together(common bond), for example belonging to a tribe, profession, place of origin, or some other platform on which they all agree.