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Iganga – Pilot Project, 56 VSLA Groups
During 2009, Hope for a Child successfully partnered with the Iganga District Farmers Association (IDFA) to rollout a pilot project that created 56 new VSLA groups in Iganga. The results from these groups have been incredibly successful!
At the end of 2009, 1,470 people (928 female) were all members of a Hope for a Child VSLA group. Amazingly within this 12-month period all the participating groups raised a total of £92,546 as cumulative savings.
There have been over 3,000 loans handed out since the start, which amounts to £156,623. All of these savings and loans have come from the participants of the scheme! A key success is that these groups are now providing access to financial services that were otherwise not available.
From these 56 groups the rate of return was 36.9% – which is far better then any bank!
Quick Stats:
Total group statistics (Jan 09 – Dec 09)
Total membership: 1,470
Total number of females: 928
Cumulative savings: £92,546
Total number of loans handed out: 3,000 +
Total loan value: £156,623
HFaC success stories:
Communities have used their own savings to help contribute back to their own societies to make them better places to live.
For example, from these 56 groups, 3 Nursery and Primary schools have been started. The group members used their own savings to start a school, employ teachers, and feed and clothe the children.
Some of the testimonies from individuals about how VSLA has benefited them are equally incredible – one man used his savings to create a phone shop, another constructed a new house, one lady used her savings to buy material; she now makes and sells clothes. Another lady purchased a fridge to be able to sell chilled drinks to people. All of these developments have allowed individuals to earn more money and so begin to rise from poverty.
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