As we explore the markets of the City of Cagayan de Oro as part of our survey effort, we run into the same story over and over again. We find vendors who borrow from moneylenders to help maintain their businesses or to pay for school fees and medicine at rates as high as 20% per month. Some spend as much as their monthly income in the course of a year just to pay interest on the loans they take out!
At the same time, we find many of these same vendors are not familiar with saving money in a bank and do not currently have bank accounts. Our goal is to both relieve the burden of these debts and also introduce vendors to the banking world where they can save their money in a safe place and work hard to stay out of debt.
We thank you for your contributions and remember that even a small contribution can make a big difference to a vendor who finds a debt of $40 to $60 difficult to manage.
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