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Group saving

Seng is a ROSCA product which helps people create and manage Rotational Savings Pools with their friends, family members and colleagues. ROSCA means Rotating Saving and Credit Association.

A Rotational Savings Pool is a group of individuals who save and borrow together in a form of peer-to-peer banking. Group members contribute funds into a pool on a regular basis, and then take turns withdrawing funds from the pool.

Rotational Savings Pools are also known as tandas (Latin America), partnerhand/ partnerbox (West Indies/UK), cundinas (Mexico), susu (West Africa and the Caribbean), hui (Asia), Game’ya (Middle East), kye (South Korea), tanomosiko (Japan), pandeiros (Brazil), juntas or quiniela (Peru), and arisan (Indonesia).


How does it work?

Through Seng you can reach your financial goals faster when participating a money savings pool with your friends, family and or colleagues.

This is how it works:

  1. Download the Seng smartphone mobile app (available in the Apple and Google Play stores) for free and connect your bank account to the Seng platform.
  2. After you’ve defined which currency you want to use in your settings then you can join a money saving pool of choice.
  3. You then choose to join one of the Public pools or start your own Private pool and or get invited to join a private one.
  4. Then you choose an amount to save per month and how many months you want to participate. To join a money saving pool you then pay the participation fee.
  5. For security reasons Seng will contact you to verify your membership and explain you the credit score method and terms and conditions to join Seng.
  6. Once your membership is approved you then contribute a fixed amount of money (say $100) on a fixed interval (say monthly).
  7. Every time when all members pools the money together, a member of the pool receives those funds. The next month, the same pool members make their contribution again, and another member gets the total funds in the circle. This continues until all members in the pool have received their turn for a lump sum of money which ends a pool cycle.
  8. When the pool cycle ends, you can decide to join another money saving pool again.

With $€NG or Seng you can save in the following currencies: US Dollar, Euro, Antillean Guilders and Aruban Florins.

In the countries within the Kingdom of the Netherlands which are the Netherlands, Aruba, Bonaire, Curaçao, Sint Maarten, Sint Eustatius and Saba. We also focus on the countries Saint Martin, Surinam and Belgium.

Currently this Seng App is made for individuals. But if you are a business owner and would like to save for business purposes, then Seng gives you that opportunity too. However, we are working on another Seng App for business owners only.

The typical money saving pool cycle lasts 6, 10 or 12 months.

Money will be transferred to your bank account when it’s your turn to receive your savings. Pay-out happens at the end of the month. 

Apple or Android

You need a smartphone (Apple iPhone or Android), a valid mobile number, a Social Security Number and a Bank account in your name.

Yes. Users can download the Android version of our app at the Google Play store here.

Yes. Users can download the iPhone version of our app at the Apple App store here.

You may be able to use the Seng app only if you have a Sim Card or phone number from one of the following countries: Netherlands, Belgium, Surinam, Aruba, Bonaire, Curacao, Sint Maarten, Saint Martin, Sint Eustatius, Saba.

You should consult with your phone carrier before trying to use the Seng app internationally.

Yes. Money saving pools can be formed across phones and operating systems.

Signing Up

Yes, you do need a bank account to use Seng. To get started, you need to be at least 18 years of age, a resident in one of the countries the Netherlands, Belgium, Surinam, Aruba, Bonaire, Curaçao, Sint Maarten, Saint Martin, Sint Eustatius, Saba.

Furthermore you will need:

  • A bank account
  • Email address
  • Phone number
  • Valid physical residence
  • Social security number

You can only have one active Seng account at any given time.

Here’s what to expect with your new account:

  • Your first monthly payment is due after you have joined a Seng money saving pools of your choice.
  • You start out with a personal Credits Score of 50%. The height of your Credit Score depends on your payment behaviour and will change monthly.
  • Typically, 30 days after you make your first monthly payment, your Credit Score status will appear on your profile. Payments will appear retroactively.
  • Some people will see a change in credit score faster than others. The best thing you can do for your Credit Score is to make on-time payments each month because payment history makes up 35% of your Credit Score!


Seng charges each user a flat subscription fee when joining a money saving pool. Not only does this fee cover the service of making the Seng App available to the public (Service Fee), it also covers Transaction fees caused by 3rd party money processing companies such as the bank.

We do not charge any other fees at this time.

3rd Party money processing companies such as the bank charges Transaction fees for when it’s time to process Seng pool pay outs to member bank accounts.    

The Service fee covers costs for development, maintenance, and hosting of the Seng App. It also covers costs for processing member administration correctly and Group Moderator compensation.  

A user who fulfils the “Group Moderator” role creates a Seng private pool, recruits own members to join this pool and puts in the effort to maintain this pool. Because of mentioned efforts the Group Moderator receives a Group Moderators compensation fee. Read more about the Group Moderator fee here.

Downloading the Seng App is free.  

But when joining a money saving pool in the currency of choice, you will be asked to pay a flat subscription fee in that currency of choice which is either Euro 25, US Dollar 25, ANG 25 or AWG 25.   

Making Payments

Monthly payments are withdrawn automatically from your linked bank account.

You have exactly one month from the start date of your Seng Account to make your first scheduled payment. Your payment due dates can be found on your Seng app dashboard. Payments made by check, money order, cashier’s check or similar instrument are not accepted and will be returned.

No. Advance payments are not permitted at this time.

If a payment is more than 30 days past due, the payment will be reported as “late” on your profile dashboard. If you are experiencing financial problems and need to close your account early, please contact us here  as soon as possible to discuss your options.

If your account is closed early, Seng will take funds from your money savings account to pay off the outstanding contribution(s) and any accrued fees, and will report to the credit bureaus that the contribution cycle is “paid off” – a status that does not have a negative effect on your credit score.

No. Especially not when you are participating a money saving cycle. Changing your bank account is possible after your money saving cycles have ended.

No, you cannot pause or temporarily suspend your Seng account when participating money saving cycles. If an unforeseen circumstance, such as a job loss or death of a family member, has caused you to be unable to make your monthly payment, please contact us here as soon as possible to discuss your options.

Credit Scores

Seng may report your payment activity on the platform of credit bureaus located in the country where you live. When you keep your commitments to your group members, your credit score may benefit.

In addition, Seng may compile a unique ‘Seng Credit Score’ that can serve as alternative proof of creditworthiness. Credit is designed to be a proxy for trust. For individuals with limited credit history this is very difficult to build in a short-time frame. Thus the Seng score looks to provide an alternative way for financial institutions to evaluate your trustworthiness as a borrower or bank user.

If a person does not make their contributions, Seng will notify the user of their late payment via electronic message so that they have an opportunity to rectify the matter. If the user does not comply within 5 days Seng may report their default to the credit bureaus just like any other unpaid bill.  

To avoid such situation, you authorise Seng to withdraw funds from your linked bank account. Then Seng will automatically withdraw the necessary funds from your linked bank account 7 days prior to the pay-out date. For example: if you have a monthly group and the next pay-out is due on April 1st, Seng will automatically withdraw the funds on the 25th of March.

Yes. To keep track of your payments please (1) click on your “My Seng” icon, (2) scroll to “Upcoming Activity”. Here you will see a track record of your personal contributions to the pool(s) you’ve joined.  Also “My Seng” keeps track of all pay-outs to the other members of the money pools you have joined.

Another way to see all your contributions and received pay outs just click on the icon “Payments”.

Yes. Please (1) go to “My Seng” and (2) scroll to “Joined Pools” and (3) click on your joined money pool’s icon. Here you will see all the members who have joined your money pool and whose turn it is to receive a pay-out.

Your credit score impact

Yes. Seng reports each month to credit bureaus.

The credit score reflects a users payment behaviour.

Our credit score system has the Level 1 to Level 5 and is built on loyalty and trust.

Level 1 = Beginner
As a beginner each user starts out with a 50% score.

Level 2 = Intermediate
These are users who have completed at least one money saving cycle and scores between 50% – 60%. These users have proven themselves to be trustworthy to join a money saving pool with.

Level 3 = Proficient
These are users with scores between 60% – 70%. They earned a positive payment track record. Users who reached Level 3 gets an unlocked incentive. This incentive is the privilege to join higher saving amount pools. Level 3 users can join various money saving pools starting from 500 up to 2000 funds per month.   

Level 4 = Senior 
These are users with scores between 70% – 80%. These users have an excellent payment track record and mostly considered to be investors.

Level 5 = Expert
These are users with scores between 80% – 100%. These users have an excellent payment track record. Not only they are considered investors but receive another incentive. This incentive is getting the privilege unlocked to participate Seng’s “Eco Shares” program! The Eco Shares program offers Level 5 users the opportunity to save and earn an extra income when participating an Eco Share program of choice.

More about Eco Shares click here.    

Yes. It will be visible on your profile. Other users will be able to see a limited overview of your profile which is your credit score for starters.

Yes. As we mentioned earlier your credit score is built on loyalty and trust because it reflects your participation behaviour. Once you have built and maintained your credit score it is possible you get invited to join other money saving pools based on your credit score.  

However, we cannot accurately say if or how much your credit score will increase because everyone’s credit report and financial history are unique. Please be advised that even if you are paying your contribution on-time, any negative activity from your other money saving pools, such as late payments, delinquencies, bankruptcies, or public records can impact your results.

Be loyal to your money saving pool members and pay your contribution on time.

Every person’s financial history is unique, which makes it hard to pinpoint the exact cause for a credit score decrease. Here are a few things to consider:

  • Late payments: can impact your credit score with a reduced 2%. However if this is the case, it is common for your credit score to bounce back with on-time payment history.
  • Defaulted payments: can impact your credit score heavily for months.
  • Pending “Suspension” of your Seng Account: due to too many late and or defaulted payments your credit score decreases significantly to become eligible for suspension.
  • Not completed pools: impacts your credit score heavily for a long time.

Once your balance is paid in full, we will no longer report to the credit bureaus monthly. It is possible that your credit score will fluctuate as you are closing your account.

Joining and Leaving Pools

Once you have downloaded the app and completed the registration process and logged in again, you will enter the Overview page. Tap on the “Pools” icon and make a choice either to join a public pool or create a private pool.

Public pool
Seng has 11 categorized groups with several public pools to choose from that matches your choice of currency. Make a choice which public pool you want to join and tap the “Join” button. Your  request to join will be verified and approved accordingly by Seng. Our approval will be waiting in your Profile’s “Pool joining list” for you to confirm. Once you confirm to join a public pool you will be prompted to pay the participation fee and you can start saving.

You can also send an invitation (use “Invite” button) to anyone you personally know to join this particular public pool.    

Private pool
If you choose to create a private pool then click on the “Private pools” icon and then on the + button that says “create pool”. At first you will be prompted to pay your participation fee and then you can continue to create a private pool.

  • You have the choice to add a picture for your pool.
  • You need to enter a name and description for your pool.
  • Set the number of members.
  • Set the amount of each payment.
  • Set the frequency of payment.
  • Choose a start date for your pool.
  • Read and confirm the Terms & Conditions to become a Group Moderator for your private pool.

Once you have set the basic parameters you will need to invite members to join the private pool. All members you invite will receive a text message from Seng inviting them to join your pool. Prior to joining the money pool they will need to download the app and link their bank account to the Seng platform.

As a Group Moderator you have the following obligations:

  1. Set the savings and payout parameters of the pool.
  2. Invite people to participate.
  3. Help encourage pool members to keep their savings commitments.

If you do not set up a pool yourself, you may be invited to join a pre-existing pool. Invitations are issued by text message and email.

If you rather choose to join a public pool on your own account just tap the “Pools” icon. Here you can make a choice of public pools to join.

Sure! Make a choice which money pool you want to join and tap the “Join” button. The Group Moderator of that  money pool will process your application.

Seng will send an electronic warning notice to any individual who fails to keep their commitment to the pool they are a part of. If the pool member owes money to other members, Seng will process an auto-payment from that person’s linked bank account. If the withdrawal attempt fails, the individual will be blocked from joining new pools on the Seng platform, and any balance they owe may be sent to a collection agency. The missed payment may also be communicated to credit bureaus.

No. Once you have committed to joining a pool you need to stay a part of it until the payment cycle is complete. It would be unfair to other pool members if you terminate your agreement in the middle of the cycle.

Our payout order is first come first serve. As an example we have 6 participants: Tammy, Marlon, Marc, Siobhan, Yoeri and Simone.

Pool Join order is:

1) Yoeri 
2) Siobhan
3) Marlon
4) Tammy 
5) Marc 
6) Simone

So payout order will be:

1) Yoeri 
2) Siobhan 
3) Marlon
4) Tammy 
5) Marc
6) Simone

Yes. At present we require all pools to have at least 6 people prior to starting.

A money pool with less than 6 members on the start date will receive a notification that they will not be activated. It is required to have at least 6 pool members to start. If it is not possible to form a complete pool before a planned date, the money pool will receive the status “not active”. The relevant Group Moderator can then create a new pool and recruit pool members again.

Each pool has as many cycles as it has members. For instance: for a 6 person pool, there will be 6 cycles so that each member receives a pay-out.

The pool will move from “Active” to “Closed” status. The Group Moderator then has the option to create a new pool with the same members.

After a pool moves to “Completed” status you cannot restore the pool with the same members and parameters. You must create a new pool.

To do so please: 1) navigate to the “Overview” screen. 2) Tap on “Pools” and 3) tap on “Private pools”. At the top you’ll see the “Create Pool” button. 4) Tap the “Create Pool” button and follow the steps laid out on the screen to adjust the pool parameters of your new pool. When finished then start inviting your members to join again.  

The pool will move from “Pending” to “Active” status. Members will be able to request the Group Moderators to join the newly active pool. When requesting to join you will be prompted to pay the membership fee. In turn Group Moderators check received requests in the “Pool joining list” and determines to let member join the pools or not.  Remember it’s who comes first gets served first with regards to the pay-out order.

No, not at present. In future versions Seng will allow members to request changes to the pay-out order.

No. When a Group Moderator starts a private pool it is mandatory to see the complete pool cycle through.  

Yes. The credit bureaus reserve the right to refuse data from savings circles that are shorter than 6 months in duration.

Yes. We have seen the most success with pools between 6 and 12 people.

Yes. We have seen the most success with pools saving between 600 and 4000 funds per month over a period exceeding 6 months.

Group Moderator

The Group Moderator participates in the savings system, but mainly manages his/her own member’s pool. These are characterized as “Private pools” that the Group Moderator manages online through the Seng smartphone App.

A Group Moderator could have multiple pools. Depending on the “savings pool” size and the currency in which the contributions are managed, the Group Moderator receives a fee for the management. This fee can vary between 10 – 900+ funds as additional income per month in this role. This role can eventually be scaled up from part-time to full-time, which will increase the Group Moderators income.

Yes you can, but there are requirements:

  • You are familiar with saving in groups according to the informal rotating savings and credit system.
  • You recruit own pool members but must be open to accept and manage verified members.
  • You must have access to good internet connection.
  • You have good communicative and software skills.
  • You are punctual with agenda planning.
  • You have good language skills in English, another language is a plus!
  • You are good at accounting / have good administrative skills.
  • You have insights to think of solutions.
  • You have a bank account within the Kingdom of the Netherlands, Saint Martin, Belgium or Surinam.

If you meet these criteria, you can register for this position. As soon as the Seng App is rolled out, you will be contacted to be further explained about the Group Moderator role and the conditions involved.

It depends on choice of currency when creating a private pool, the Group Moderator pays a fee of 15 (USD, Euro, AWG, ANG) per created private pool. Group Moderators receive this discounted participation fee for using Seng services.

Cancelling your account

If you wish to cancel your Seng account, please contact us here as soon as possible to discuss your options.

Payment processing and Data security

Your bank account must be linked to the Seng platform so that pool payments can be processed on time.

We ask people to provide their Social Security Number (SSN) during registration, as described in our Privacy Policy, as part of an industry standard process known as ‘Know Your Customer’ so that we can validate user identities. This is an important measure to ensure the platform safety of all Seng users.

Seng’s payment processor works with a FDIC insured bank and all amounts for individual users are insured up to the FDIC maximum of €100,000.

Seng uses industry standards to encrypt and safeguard your information. Furthermore, we do not store information about your bank account after it is linked.

Payments are auto-withdrawn from your linked bank account 7 days prior to the next scheduled pay-out. Payments are processed via our payment process partner, and are held by ING Bank N.V.

Pool pay-outs are made available on the scheduled pay-out day mentioned in your respective pools. You can keep track of your pay-outs in the “Payments” menu option. Pay-outs are initiated automatically.

It is possible however, we recommend you to use your bank account because credit cards have high transaction fees. Also keep in mind that we use the bank account number that has been linked to your Seng Account to auto withdraw funds and automatically execute pay-outs. 

You are welcome to change the bank account that you have linked to the Seng platform.

We recommend to you use the banks that are in your country of residence. Furthermore, we are exploring ways to expand to international banks.

At this time our platform requires a basic bank account. We are exploring ways to expand Seng to individuals without a bank account.

Your account is personal. Please do not share your account details with anyone.

If you suspect that your account has been hacked, please contact us here.

All fraudulent, hazardous, or questionable activities should immediately be reported to Seng. Behaviour that should be reported includes: (1) Failure to pay; (2) Harassment on (group) chats; (3) Suspicion of money laundering.

Yes.  Users are limited in their transaction volume for compliance and security reasons. Users can have up to 5000 monthly, and 12.000 funds annually in transactions one-way.

Banking and Payments partner

Seng partners with ING Bank N.V. to hold all money transacted on the platform. ING Bank N.V. is fully FDIC insured and PCI Compliant.

Seng partners with for all payment processing and transacting.

To report a complaint relating to the bank or payment services, email Please also reach out to us to ensure any issues are resolved. Terms and Conditions, Privacy Policy and additional Legal Resources can be found here. 

Support and Other Services

Please contact Seng here and we will get back to you as soon as possible.

Use the “Message” functionality in the app to chat with members of your pool(s), or to send a message to an individual you have been or are in a pool with.

For generic queries you can also contact Customer Service by using the special FAQ chat or send an email.

What are Tips?

Sustainable Development Goals (SDG) are part of Seng’s core activities. Find out about the Sustainable Developments Projects we are involved with which we promote as “Tips”. These are good causes to help communities (re)build facilities to make themselves self-sufficient and resilient in case any disastrous event should strike like storms, hurricanes, earthquakes and or a pandemic. 

These projects are also enrolled into the Eco Shares Program which is our Crowd Profit Sharing concept. 
Eco Shares gives you the opportunity to save money while investing in a particular development project. Because of your participation to save and invest you get to enjoy incentives and share in the annual profits of the revenue of a development project of your choice. 

Example Eco Shares Projects are:

  1. Support Sustainable Agriculture in the Caribbean. 
  2. Support the Eco Housing Project for the building of hurricane and earthquake challenged housing.
  3. Support The Local Market Project to help boost local entrepreneurship.
  4. Support the creation of a multifunctional Shelter for natural disasters such as hurricanes, earthquakes. 

Click Here for Tips!

Eco Shares is a Crowd Profit Sharing method that gets people from all walks of life and different ethnicities involved to help execute several sustainable development goals. No matter what gender you have, no matter what religion you practise, no matter if you own a business or not. The Eco Shares Program is a way for sustainable development goals to be funded by the community and for the community.

Eco Shares not only compensates each participant for their efforts it also offers each participant the opportunity to benefit from the occurring development of choice. If the will is there, to socially invest in development of your location, your village facilities, your countries economy, then help develop your community by participating the Eco Shares Program.

Contact us for more information on how to participate the Eco Shares Program.