The lump sums are strictly used to set up small businesses. That's the rule we set up for our group. Between us, there is a grocery shop, movie store, saloon, informal money-lending business, and a printing and photocopy shop. We brainstormed these business ideas before we started giving each other the money.
Hello Jared. In Uganda, the more organized Chama groups have small cash books for each member that show the date, installment amount and cumulative amount repaid by the member. The most trusted member is the custodian of these books and acts as the 'accountant', recording the amounts at the meetings in full view of the members. These books have often been used to access group loans because they show credit history of the members.
Hey Nupur, when you mentioned competition with other schools, my mind went straight to a program here in Uganda called Junior Achievement, Uganda. They have great secondary school competitions that equip the children with finance skills, and they get to meet big-time corporate directors for inspiration. My baby brother participated in one of their competitions, it was something like "The Apprentice", and it literally changed him. Check it out http://www.jauganda.org/