Savings & Credit

The programme addresses the lack of access to financial services in rural areas through a simplified approach that is easier to create, manage and sustain than a microfinance institution and thus is better suited to rural areas with a dispersed and poor population lacking in sophisticated financial management skills.

A large part of the savings have been used by the groups to establish social funds for emergencies.

These have helped members to access medical care for their families, cover funeral costs, fix their houses, purchase domestic utilities, etc. Other groups used their funds to start up small income generating activities, such as a small grocery, domestic utility, clothes and fabric shops.

The savings and credit groups promoted by Ophavela have shown a positive impact in the communities, especially for women. Over the 4 years of Ophavelas savings and credit group program in the Tupuito area, a total of 117 savings and credit groups have been created with a total of 2101 members, of which 1002 are women (47%). This project has been very successful because the goals have been met, there has been a large female participation, the groups have managed the social funds and the payback of the loans.

Community animators have the responsibility to carry on the work of promoting savings and credit groups and assisting them and therefore assuring long term sustainability of the program.