VSLAs on World Savings Day
Written by Plant With Purpose on October 31, 2013 in General
Today is World Savings Day but because it falls on October 31, few people are aware of this holiday as Halloween outshines it. World Savings Day was started by the World Savings Banks Institute in 1924 and was designed to encourage savings and economic stability around the world.
Many rural farming families save their money the traditional way, by keeping it at home instead of in the bank due to lack of access to savings accounts. It is important to understand the role that savings play in providing a buffer against risk. Natural disasters, illness, and school fees are all very real circumstances that can threaten a family’s financial stability. Having a little money saved is a blessing.
Plant With Purpose provides access to saving through Village Savings and Loan Associations, which brings rural families together to pool their hard earned money and then mobilize it as loans to other group members who can then develop small businesses, invest in farms, or provide for family needs.
This savings-led approach to microfinance is making a huge difference to those involved in the 275+ groups that are meeting in rural communities around the world!
To learn more about Village Savings and Loan Associations, read the fall 2012 edition of The Sower.
Images by Shaun Boyte of a savings group in the Dominican Republic.