In order to improve the saving culture as well improve access to finance for the women farmers DAPP Malawi through the farmers clubs introduced Village savings and loans.
The village savings and loans facility has helped farmers to access finance and some women farmers have capitalised their income generating activities.
According to member of the village savings Esther Mukhova and loans the groping that started with 20 peoeple people has now grown to represent a bigger part of the community.
“The village bank has grown and we are now able to lend each other big amounts of money. Some of our member are getting up to 100 000 Malawi kwacha ($134),”said Mukhova
Memory London operates a grocery shop in Chikhwawa. She is also building a house with bricks and corrugated iron sheets. She attributes all to the savings and the loan she acquired through the village savings and loans.
“In this year I have made a lot of money through the village savings and loans. I have bought goats and I am building a house. I have also invested some of the money in the business,” said Landani
Some members of the village savings and loans have been able to support their families from the money they get from the groups.
The village savings and loans offer the members a chance to save money. The interest payable by members is lower than the lending rates from conventional banks.CLICK TO WATCH VIDEO