In rural communities, where there are many barriers to accessing traditional banking, Village Savings and Loans Associations (VSLAs) are a powerful solution. In a VSLA group, members regularly contribute a small amount of money to build up a communal fund. They can then take a loan from this fund to start or grow their business, or pay for costs such as school fees or healthcare. The loan is then repaid with a small amount of interest which continues to grow the collective fund.
In Rwanda, The Salvation Army is facilitating the formation of VSLA groups and providing financial literacy, business mentorship, and training on entrepreneurship and enterprise management.
Nyirahabineza Epiphanie is chairperson of the Abadahigwa VSLA group and, as a group member, took a loan of 10,000 Rwandan francs (approximately £7) and invested in her grocery business. After repaying the loan and small interest charged, she took a second loan and bought rabbits for rearing.
She said: 'I joined to unite with others who wanted to progress their lives by putting our small savings together… I have learnt so much, including how to grow vegetables. My children can now have a balanced diet and I am more hopeful for the future.'
This petition seeks your support to expand the reach of VSLAs backed by The Salvation Army, ensuring that more individuals like Nyirahabineza can write their own stories of success and contribute to the economic sustainability of their communities. Together, we can turn the tide against financial exclusion and sow the seeds for a prosperous tomorrow.
The UN's 17 Sustainable Development Goals (SDGs) are a global blueprint to achieve a better and more sustainable future for all. The Salvation Army, present in 134 countries, is working alongside communities to address SDGs and find solutions to issues of poverty and injustice.
