World’s lowest-income families coming together to save over £70,000.
Poor rainfall in recent years and rising food prices is making life even more difficult for Malawi’s rural population. However, we’re hearing a different story from many families involved in our Hunger Project in central Malawi.
With our partner Rhema we have managed to help hundreds of families to become more resilient to such economic challenges.
Over the last 3 years households have been learning how to earn income through business activities, rather than depend solely on subsistence agriculture. In the past their income levels were extremely low because families rarely produced surplus crops to sell – surviving by eating what they were able to grow.
But now men and women are getting better and better at producing high-value crops for market, from which they can earn a good profit. This means they can afford things like medicines and school books. They can feed their children 3 meals a day and build better accommodation.
The project participants have also been enabled to establish Village Banks, so that they have a safe place to deposit savings, and access small loans.
The current total savings of these households is currently over £70,000. This acts as an effective safety net, helping households weather this difficult period. Village Bank members can take loans from the pooled savings if they have an urgent need or want to invest in their businesses.
The project is being implemented on the ground by our partner Rhema. They report that ‘most Village Bank members are all smiles as the cash flow challenge is not being experienced by them. Their capital for investment in their businesses continues to grow, and the amounts members are depositing in their banks is increasing all the time.’
We’re so thankful to be working with such hard working people in Malawi, to watch people thrive in some of the world’s most challenging circumstances.
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