Creating equal opportunities When poor people have access to finance, they can lift themselves out of poverty. The VSLA methodology has shown that poor people, and especially poor women, are good at financial management. They invest wisely, not only in income generating activities, but also in the welfare of their families. By empowering women economically, there has been an enormous increase in local growth and household welfare in all the areas where VSLAs have been implemented. 

 

Poor and less educated people are easily intimidated by the formal, lengthy and complicated procedures at banks, just as many people distrust the banks because of the nontransparent pricing structures. When VSLAs were introduced most of these issues were addressed by offering financial services with low or no overhead costs, completely transparent and collective decision making, charge free savings and dividends from the loans. Over the years, a new economic culture has emerged among the VSLA members. Owing to peer pressure to save, encouragement by other group members during the meetings, training and the availability of start-up capital, most members have opened up or expanded businesses. Because of the strict VSLA procedures and the immediate and tangible results, the VSLA methodology has moved people from being idle to being very productive and busy. Many participants have adopted better work ethics and habits; people work harder, keep time better and deliver on their word 

 

The inclusion of women in economic activities has strengthened the position of women in their communities and at home, tremendously. Besides stimulating local business life by opening up small businesses and commercializing their farming, they are now able to contribute to household improvements by acquiring assets like poultry and livestock, sewing machines, furniture, beds, bicycles and radios, by building better houses and providing larger quantities and more nutritious food for their families, and by paying for medical bills and school fees.

 

With the support from the community centre, community members are empowered with saving culture and how to start small social enterprise and business within their locality for self-sustainability. This is always carried out in the group saving on weekly basis, it’s exclusive and targets men and women from 18 to 45 years. Financial literacy is important in developing communities. Rural women use and spend money, but only very few of them save for tomorrow. Educating these women more on financial literacy will go a long way solving most of the problems we have in Africa today.80% of rural women have no bank account, though they have their traditional way of saving, they need to know the best practice of saving. Educating the rural women to take total control of their finances will go along creating great changes in various communities, Now Is the Time, come join us lets educate rural women in our various communities on Financial Literacy for Better Tomorrow.