By Jefferson D. Tweh
In an effort to improve the living standard of famers and make them get access to microfinance, Welthungerhilfe known as (German Agro), in collaboration with the European Union has demonstrated its commitment and taught the people of Kormah village saving and loan to enable them manage their own money properly.
The Head of Urban and Peri-Urban Agriculture, Nutrition and Income (UPANI) project, Madam Irene Sleven said the finanical training aims at helping the people of Kormah to generate and save money because it will ebable them to invest in their children’s education and contribute positively to national growth and development.
She added that the relevance of Village Saving and Loan Association (VSLA), is a provision of products and services, such as savings for group members, asset production, insurance, credit, debt repayment and promotion of social cohesion.
According to her, the Village Saving and Loan Association (VSLA), is an independent Community Managed Microfinance Institution (CMMFI) that mobilizes and manages its own savings,interest-bearing loans to members and offers limited form of financial insurance.
She explained that the members of the Village Saving and Loan Association (VSLA) save their money every week, through the purchase of between 1-5 shares every meeting, and the share value be decided by the (VSLA) at the start of each cycle.
Meawhile beneficiaries of Kormah Town, who spoke to this paper, expressed happiness for the financial knowledge gained from the partn ers which eanbled them save over 2 million Liberian dollars in their town.
They have congratulated Madam Sleven and her team for the great effort to construct a cassava processing center and also for teaching them how to do village saving and loan.
“We are so much pleased to have Madam Sleven in our community because she is a woman with dignity, pride, flexible, good and cares for the well-being of people here in Kormah and always encouraged us to invest in cassava farming and produce more cassava,”they intimated.
The beneficiaries also lauded Welthungerhilfe and the European Union for the supports given them. The project is being funded by the European Union.
Over three hundred persons have benefited from village saving and loan from the Urban and Peri-Urban Agriculture, Nutrition and Income (UPANI) project in Komah,Bomi County.
Urban and Peri-Urban Agriculture, Nutrition and Income (UPANI), is a project that enhances food security and nutrition in Tubmanburg and Monrovia.