Successful Saving in Malawi

Successful Saving in Malawi

Each time I visit Africa I am reminded of the power of building on the traditional methodologies that women in communities have used for centuries to save small amounts of money in contexts where they have no access to formal banking and/or credit.  Formerly known as table banking, tontines, etc. these methodologies are being refined and reintroduced in many FRB funded communities. Savings and Internal Lending Committees (SILCs) and Village Savings and Lending (VSLs) are some of the new names for the similar methodologies that are spreading rapidly, affirming that people adopt practices they see as beneficial.

Savings give people dignity and power to make their own decisions and build on their own creativity: many are planned around the agricultural cycle so that the "share out" comes during the hungry months and in time to buy seed for planting.  Savings and loans used for small business bring variety into communities, they are also very low cost to implement with external resources being only the training and possibly the box and locks.

by Bev Abma, FRB Staff 

World Renew is one of several FRB partners training communities on saving. The video below highlights stories from the FRB supported Malawi-Nkoma program

10/29/2012 | Comments: 0 | Add Comment