Village savings groups empower women
Women in Traditional Authority Kyungu in Karonga District have commended village savings and loans groups for transforming their lives.
Speaking in an interview on Friday, Mwapu Village Savings and Loans group treasurer Ernestina Kanyimbo said saving money has empowered households to become financially independent.
Kanyimbo commended Community Savings and Investment Promotion (Comsip) Cooperative Union Limited for building their capacity on financial literacy under Titemwane Cluster.
She said: “The group has grown its savings from K896 000 to K3.6 million since its inception in January 2023.
“I borrowed money and invested it in millet and beans business which has enabled me to build a decent house.”
Kamanga VSL group member Emily Simbeye said through Comsip’s support, VSLs have proven to be instrumental in fostering a strong saving culture.
“I was sleeping on a mat without beddings. But after joining a Comsip-initiated VSL group, my husband and I started investing the K28 800 we receive from Climate-Smart Enhanced Public Works Programme in VSLs,” she said.
Simbeye said she started running a fish business which enabled her to buy mattress, decent beddings, two goats, kitchen utensils and chickens.
Karonga district Comsip case worker Annie Mkandawire said team work led to the cluster’s improved economic situation.
She said: “The cluster was trained in financial literacy, business plan and loan management.
“The members share 60 percent of the savings and leave 40 percent for capital.”
Karonga district community development officer Simeon Ndhlovu attributed the women’s success to proper supervision.
Comsip is empowering VSL groups as part of implementing the Livelihoods Support Programme under the Social Support for Resilient Livelihoods Project funded by the World Bank and the Multi-Donor Trust Fund.
