09/09/2024
The Informal Workers Organization (IWO) through its efforts to complement government policies on financial inclusion and improve women’s economic empowerment in line with the GEWE Act, has, during this week, shared out monies saved through the Village Savings Loan Scheme (VSLA) for women and men in fishing and agriculture in Bailor Wharf, Menika, and Robuenk in Portloko District.
The objective is to provide a structured platform for the less privileged people to save money regularly, which leads to financial security and enhanced livelihoods, fosters a sense of community among them, encourages cooperation and mutual support, and members to access loans for various purposes.
The accumulated savings were distributed to the members in proportion to the total savings each person contributed throughout the 12-month savings cycle. Group members were able to access loans with their monies saved with minimal interest rates, and the interest generated was grouped into two, namely, personal and general interest, which was owned by members.
The excitement on the faces of members was top-notch, and this calls for financial inclusion for women and young people in the rural communities as these monies will serve as investments in education for their kids, unforeseen expenses, start-up capital for businesses, and reinvestment in their businesses. The groups then initiate a new savings cycle to maintain continuity in supporting themselves. Through these engagements, we are fostering collaboration to ensure our interventions are impactful and sustainable.