According to Oscar Njiki, a keen observer of Cameroonian realities, the tontine practiced in Cameroon is a unique institution, distinct from its Italian namesake. For him, while the term "tontine" originates in Italy, the Cameroonian practice is deeply rooted in local culture, particularly among the Bamileke people of western Cameroon.
Njiki emphasizes that the Cameroonian tontine, also known as "njangi" or "tchoua", is more than just a financial mechanism. It is a social practice, a school of solidarity and collective responsibility where rotating savings allow everyone to realize their projects through the strength of the group.
The origin of the word tontine dates back to Lorenzo Tonti, a 17th-century Neapolitan banker who, in France, invented a fundraising system based on investor survival. In Italy, the tontine was a contractual mechanism where the sharing of assets was determined by the biological survival of the participants.
In Cameroon, the tontine is a lived philosophy, a way of conceiving wealth as a social link and economics as an ethic. It demonstrates the capacity of African societies to create their own institutions, to anchor the economy in their culture, and to assert that the West is not the only model of social thought.
The Bamileke tontine, in particular, is a traditional financial institution that plays an essential role in the local economy and social cohesion. It functions as a parallel bank, where members regularly contribute to a common fund that is then allocated to each in turn. This practice makes it possible to build up capital and give access to credit to those who would not necessarily have access to formal financial institutions.
Tontines promote collective success, where individual successes contribute to the well-being of the group.
In summary, the Cameroonian tontine is an original creation, a testament to African ingenuity in social economy.
