Dedza, A Non-Governmental Organization (NGO) World Vision Malawi has said that Village Savings and Loan Associations (VSLA) popularly known as Banki Mkhonde have improved living standards of people in the Dedza since their inauguration in 2013 in the district.
Speaking during a five days training on how to set up small village savings in every village headman, Development Officer at world Vision Malawi Joseph Chikwapula said the initiative has helped many families in the district noting that many people are able to access and buy farm inputs which has also helped reduced food shortage.
We are proud as World Vision to see that many people in Dedza are able to satisfy their basic needs and also those of whole community through VSLA, Said Chikwapula.
He further said parents are able to pay school fees for their children through their involvement in VSLA, a thing which has reduced dropout rates in the district.
Martha Kapuchi and Hamida Chiboda are members of Mchisu and Mitekete village savings respectively who testify that Banki Mkhonde has helped them to build decent houses, raising goats and pay school fees for their children.
I had a grass thatched house before I joined Banki Mkhonde, my child had dropped out of secondary school because I could not manage to pay his school fees. However, as I am speaking now, my child has finished his secondary school. I also have thirteen goats which I bought through VSLA, said Kapuchi.
VSLA is a group of 10-25 people who save together and take small loans from these savings. The activities of VSLA run in cycles of about one year after which the accumulated savings and profits are shared out among the members according to the amount they have saved.
Source: Malawi News Agency MANA