WUZDA Ghana today introduced the Village Savings and Loans concept to the people of Zaazi a farming community in the Savelugu Municipality. The initiative is aimed at promoting the spirit of savings in the community members and helping raise their livelihood involvement in development.
The Village Savings and Loans scheme provides community members an opportunity to contribute to the development of their areas through the money they contribute. This initiative is made up of three components. The loan fund offers small-scale loans to members with interest, the welfare fund which is aimed at helping members to provide social amenities in their community, and the sanitation fund which is aimed at providing members an opportunity to contribute funds towards the acquisition of household latrines for their homes.
Speaking at the event the chairman of the group Mr. Alhassan Mohammed thanked WUZDA-GHANA for giving them practical training on money saving and proper record keeping and pledged to oversee the activities of the VLSA group is properly done.
Members of the Zaazi VLSA group expressed their appreciation to WUZDA for coming out with this initiative.
Members contribute a minimum of two Ghana cedi a day based on their current financial strength based on their daily income as agreed by all members, The contributions are done at a weekly meeting for a period of twelve months and saved mostly in metal boxes These boxes are kept under lock and key. These contributions will be saved and supervised by representatives chosen by the VSLA members themselves and given as loans when a member needs them for the expansion of their businesses and other trades.