This project will support the communities in self-help micro financing initiative using Village Savings and Loans Association (VSLA) concept to mobilize financial resources to support livelihoods diversification.The scheme will also become a platform through which innovative technologies are disseminated to the masses.
There is still a very large gap between the needs of the poor for financial services and the ability of banks to provide loans to the youth because they do not have security enough to enable them access bank loans.Community members will contribute start up income to the pool account, to enable them to start up their own financial service to loan them selves with out security, because this will provide the means by which the poor youth can invest their way out of poverty.
This project will equip 40 community members with knowledge for five days on how to save and alternative models that are able to provide the rural poor - and the urban very poor - with savings services as well as insurance and credit that can be delivered cost-effectively. The youth will be able to start up a small micro-finance for them selves, loan them selves and in future expand it to a larger financial service that loans village youth in their community
This service will provide a secure place to save and the opportunity to borrow in modest amounts. It will also provide convenient access to these services, be easy to understand and transparent in its operations. It will be inexpensive to set up and, preferably, locally managed
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