Communities in Solomon Islands saves millions (SBD) through S4T model

World Vision's saving model, Saving for Transformation (S4T), has enabled residents of rural communities in the Solomon Islands to save more than millions of dollars, according to the records this year. 

S4T is a saving model that encourages community members to establish saving clubs where they can save money. While saving, the members can also access small loans from their savings and repay with slight interest. They also have different passbooks for different areas like Saving Producer Groups Funds, including Sustainability Funds, Operation Funds, and Profit funds and Sector Funds, which include social, church funds, youth, and women funds. The passbooks can help them access money when the need arises from these different areas. Annually the Saving groups can share with their group members. Usually, 25 people are in each saving group.

Four World Vision Solomon Islands projects are currently implementing the model to ensure communities they work with can be self-sustainable and financially resilient. The projects are Market Linkage Phase II, Youth Social Entrepreneurship Development (YSED), Melanesia Rural Market and Innovation-Driven Development Programme (MERMAID), and the Community Channel of Hope (CCOH). 106 Saving Groups are active through the projects, with 2,172 members. 
Interestingly, the record shows that 106 groups currently save $1,462,926 (SBD). 

Testimonies have proven that the model works for members, especially as it creates an avenue for residents to save their little earnings. 

Henry from Santa Ana in Makira Ulawa Province testified that the S4T model is transforming lives in his community. 

"The World Vision projects taught us about saving, especially during phase I of the MLP II Project seven years ago. We then started with only one group, but today, we have three saving groups that also make up our Producer Group; interestingly, the groups consist mostly of women," he said. 
He added that the Saving For Transformation (S4T) model of World Vision had benefited them. 
"We see the greater benefit through this S4T model; we build our homes, we buy water tanks, meet our children's schools fees and other needs through the money we save, especially during share out or when we access small loans from the pass books," he said.

Mr. Joel from East Malaita also thanked World Vision for introducing the model to them. 
"Our savings have been progressing well since we started, and towards the end of last year till a fortnight ago, we saved an amount of $46,000 (SBD)," Saving Group Secretary Joel revealed on June 3rd this year. 

Mrs. Mercy, a Cocoa buyer from East Malaita, testified that the S4T model that World Vision introduced to her community benefits her business. 

"I always access loans from our savings, especially when my cocoa-buying activities is running out of money, so this saving model assists my business going forward," She testified.

World Vision understands during the peak of COVID-19 restrictions in the Solomon Islands early this year, the savings rescued many families using this model.