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What does FRIENDLY SOCIETIES stand for?
What does FRIENDLY SOCIETIES mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: FRIENDLY SOCIETIES.
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What does FRIENDLY SOCIETIES mean?
- friendly societies
- A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc.
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"FRIENDLY SOCIETIES." Abbreviations.com. STANDS4 LLC, 2024. Web. 3 May 2024. <https://www.abbreviations.com/FRIENDLY%20SOCIETIES>.
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