Abstract
Africans have long-established social and economic mechanisms to cope with large financial demands. This project explores one such risk-sharing institution—indigenous credit associations (ICAs)—based on primary data collected in Eritrea, where ICAs are known as ekubs. We compare their institutional design in three geographical settings and identify factors that contribute to their functional success. This study demonstrates that ekub associations are an important form of social capital by which to distribute locally generated capital, ameliorate poverty, and resolve the economic problem of purchasing indivisible goods. Ekubs also are a key source of community; they build, bridge, and bond Eritrean society by drawing together people of different ages, genders, and ethnic backgrounds.
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