Seng Group Saving System
$€NG! (read Seng) – The online informal savings & credit system where online saving in groups are made possible to jointly achieve financial goals
Many people know informal saving groups as Sam, Partnerhand, Partnerbox, Kasmoni, Tanda, Sousou / Susu, Gün, Game’ya, Tontine, Arisan, Chitfund, Hui and other names.
Marlin Yard Foundation is busy creating “Crowd-Profit Sharing” opportunities and one of them is called $€NG (read Seng).
At $€NG – or Seng – people who live in the Netherlands, Belgium, Aruba, Curaçao, Bonaire, St. Maarten, St. Eustatius, Saba and Surinam will be able to save in the following currencies: US Dollar, Euro, Antillean Guilder and Aruban Florin.
What is Seng?
Seng is an App that allows people to save in groups via their smartphone, tablet / iPad, laptop and / or computer. For example, people are given the opportunity to join one of the Seng savings pools or that a person takes on the role of cashier and creates a private savings pool within Seng with their own group of confidants.
How does it work?
Seng savings pools have a simple process. For example, a savings pool consists of a group of 10 participants from one family, from neighbourhood or a workplace. Each participant deposits a fixed amount at a fixed time in the month at the Paymaster (Seng), who immediately pays the total sum to one of the participants. Upfront it’s determined who receives the payment in a certain month. This is done in mutual consent, or by drawing lots, or by the Paymaster (Seng). This rotation system repeats itself every month until the pay-out turns has been rotated across the group, which in this example takes 10 months. For example, at Seng you can choose to participate in a savings pool for 6 months, 10 months or 12 months.
Savings pool participants are obligated to pay their deposit on time each time because the money must be paid out to another participant every month at a fixed time. The rotating aspect of Seng gives each participant their own specific position in the cycle. The first person to receive the money receives “credit” which he or she pays back to the group in the following months. The last recipient is a “saver” because he or she has deposited the paid out sum in instalments at the Paymaster in the previous months. The other participants has an intermediate position between debtor or creditor depending on their place in the pay-out order. With Seng, participants can therefore save and take out credit.
In addition, Seng gives participants the opportunity to cover themselves financially against (un) expected high expenses. After all participants have received their money, the Seng savingspool cycle has come to an end. Participants can then start over with the same or other participants under the same or a different Seng Savings pool, according to the same or new agreed pay-out order.
If you are interested in being kept informed about the Seng possibilities and if you want to participate, please complete this form.
Generic Game Rules
- You have to be at least 18 years of age to participate in a Seng savings pool.
- You are in possession of a smartphone to install and use the Seng App on it.
- You have a bank account that is registered in your name. Seng works automatically and makes it easy for all participants. All deposit amounts are automatically debited and credited to the Seng participants bank accounts. This way you do not have to take into account to transfer your deposit on time because it is done automatically.
- Your goal is to save money so that you can spend the saved money on an expenditure of your choice. Saving is done in one of the chosen currencies: US Dollar, Euro, Antillean Guilder or Aruban Florin.
- You can choose to participate in savings pools of 6 months, 10 months and 12 months.
- Seng makes it possible to save between US$ 480 – US$ 12,000+ annually.
- Seng applies a strict assessment “Trust score” that is linked to your payment behaviour. Each participant starts with a score of 50 points. If you pay on time, you earn a point. If you pay too late or if you do not pay, points will be deducted from your score. If your score is below 50 points, you may be appraised as a “risky” participant. With such a score you will receive fewer or no invitations to participate in a savings pool risking that your account will be blocked.
- Should it occur that you do not pay anything at all and if you do not complete a savings cycle even though you have received your money, your account will be blocked. A report is made to the Credit Registration Office. Starting up Legal procedures against you are then possible. Because of the dropping out of a participant, Seng takes the place of the dropout so that the savings pool remains complete and can be completed accordingly.
- Seng asks for a contribution for participating in a savings pool. This contribution helps to maintain the Seng automated systems and is partly used to invest in Eco Projects that supports “self-reliance” in communities. The contribution amount to be paid is paid in the currency in which you save, this can be US$ 25, Euro 25, ANG 25 or AWG 25.
- Regarding the stipulated contribution amount, we make an exception for students. Upon presenting a proof of registration for a current education program, the student will receive a 40% discount on the contribution amount to be paid.
- Before using the Seng services, it is mandatory to read and accept the Seng terms and conditions and privacy policy. Seng strictly adheres to the policy of not sharing information with third parties unless it is legally justified (for example, reporting payment arrears to the Credit Registration Office (BKR – Bureau Krediet Registratie).
The Marlin Yard Foundation goal is to reinvest in our social mission that gives communities the tools to create possibilities for themselves which in turn enhances their quality of life. This also makes it possible to develop special projects when all efforts are brought together.