Savings group helps community to realise dreams
Imagine if your only option to save money was to hide it under your bed or travel five to six hours in a boat to your nearest bank. This is the reality for many communities in the Solomon Islands with only 8.2 banks per 100,000 people.[i] The lack of financial services means it is hard for many communities to save for their children’s education or improvements to their homes and to cover unexpected costs like medical bills.
For people like Matthew Taro from the Makira province of the Solomon Islands, saving money had only ever been a dream. When World Vision started a Community Savings and Lending Group in his community, Matthew cried with excitement at the prospect of being able to improve his life through the savings scheme.
The Community Savings and Lending Groups provide access to savings and lending services within the village. The aim of the project is to reduce poverty, improve the economic conditions in the community and empower people to take control of their lives. It also makes it possible for people with special needs, the elderly or people living with disabilities to be able to participate and save money within their community.
The model is simple and takes into consideration the low literacy levels in many rural communities. This means the community can manage the project themselves. Different people play different roles and this ensures transparency and accountability and gives a greater sense of ownership to many people.
Matthew says the scheme has brought a lot joy and hope to his village and he is very happy to be part of the savings group.
“I’m so lost with words to express my feelings right now as I never had a chance to save money before since such services were only found in Kirakira (five to six hours away), but now I can save because the service is available right at my doorstep,” he says.
World Vision has established the Community Savings and Lending Groups in 15 communities in the Makira Province. The communities believe the project will help them to achieve some of their personal dreams as well as improving the livelihoods of the whole community. The Makira Community Economic Development Project is funded by World Vision Australia and the AusAID NGO Cooperation Program (ANCP).