A week after being trained in Village Savings and Loan model by Centre for Youth and Development, Ngalaghara Youth Club members haved formed a Village Savings and Loan Association club called Ngalaghara VSLA
The club comprises of 20 members (10 males and 10 females) has been conducting a number of activities for the past years but they have never saved or borrowed money. From the skills and knowledge acquired during the training, the members decided to buy a share at MK100 and contribute MK50 towards social fund. During their first saving meeting, funds amounting to MK 8000.00 were realized from buying shares and MK1000.00 was contributed as social funds. The club hopes to save more money this year and invest in a small business but also farming.
“Our club has never been introduced to the VSL concept, when CYD trained us in VSL model we became interested and decided to form a VSL club in order to be able to save and borrow money. We have managed to saved MK 8000.00 on the first day and we are sure we will be able to save more and invest in small scale businesses” said Steve Mhango the club chairperson
The Village Savings and Loan Association Training was organized as part of the Inspiring Young Farmers project we are implementing in partnership with Malawi Fruits. The project aims at inspiring young people to commit to being smallholder farmers who will be given the opportunity to develop modern farming methods and participate in the value chain from growing to marketing. The project is target 400 unemployed young people in Mhuju EPA in Rumphi District.
Through the Village Savings and Loan Association model CYD also provides farm inputs on credit to enable them to grow good quality crops and access to best possible market.
by Tamala Mataka, Agriculture Projects Coordinator