Evolvement of ROSCA to real property acquisition as a form of interest-free SBF model: a PRISMA-compliant systematic review

Abstract

Purpose – This study aims to investigate the evolvement of the concept and practice of the Rotating Savings and Credit Association (ROSCA) from informal fund collection for indivisible durables to real property acquisition under the interest-free SBF model by analyzing the previously conducted research that focused on the concept in terms of names, forms, and natures. Design/methodology/approach – A PRISMA-compliant systematic literature review is adopted to ascertain the most relevant studies from various sources and analyze the extracted data or items to accomplish the research objective. Besides, bibliometric network, thematic, and statistical analysis are also applied to bolster the findings acquired from the systematic review. Furthermore, this study mathematically formulates and introduces the customized PRISMA systematic flowchart. Findings – The results reveal that the concept of ROSCA has evolved over the years from informal to formal, micro to macro, individual to institutional, social to business, and fund collection for purchasing household items to real property acquisition since 1962. In this process, the focus area of the research has been shifted from characteristics, operation, and economics to law; source of funds, and history to social; benefits and contribution to digital, risk, and savings behaviour. It is noticed that the majority of the study are Africacentric, followed by Asia; academic discussion on the ROSCA covers most of the social and economic arena, except the real property acquisition aspect. However, the SBF concept fills up this gap by introducing a realproperty-acquisition-centric ROSCA model. The authors provide future agendas regarding focus areas that researchers may consider to develop the SBF concept. Originality/value –The study focuses on the evolvement of a savings-based model. No study concentrates on the evolution process of the model from ROSCA to SBF; in fact, no conspicuous academic study is found regarding the systematic review of ROSCA in the literature archive