Tanzania: The Ebenezer Village Savings and Loan Group Update
Last year, ALARM Tanzania trained 30 women in financial literacy and money management skills and as a result, the Ebenezer village savings and loan group formed. These women are continuing to save and use the money for loans to start small-scale enterprises. The group decided that each share would be worth $1 and each individual can purchase up to 5 shares which results in a total of $5 of savings a week from each individual. The group has now saved just over $2,300 which has allowed these women to learn how to effectively save money and it has equipped them to have enough loan money for some of the members to establish business ventures. These women have proven to the ALARM staff that no one is too poor to save and that with the proper training, anyone can learn how to manage money properly. In addition to the tools that these women are receiving from being a part of this group, it has also opened up a door for the Muslim community to engage with these women as they express interest in participating in the savings group.