The study investigated the characteristics of participants in Rotating Savings and Credit Associations (ROSCAs) and also examined their motivation towards it in Osun state of Nigeria. Primary data obtained through questionnaire administered on 240 respondents were analysed using descriptive and inferential statistics. The study revealed that 57% of the participants in ROSCAs were women, majority earned below N20, 000 per month indicating that most participants were low and middle income earners. It was found that 78% of those interviewed were highly educated and that over 60% were public sector workers. The logistic regression shows that occupation, earnings and length of marriage were the major predictors of desire to save in ROSCAS. The study equally showed that majority of the respondents used their contributions to purchase durable goods suggesting that ROSCAs could be growth enhancing in the economy.