Economy: HFDI Begins Village Savings and Loan Association In Osun Community
By Sola Aderinto,
As part of Community Strengthening, financial Literacy, encouraging Savings Culture and Improving the Financial and Social lives of Beneficiaries Under ECEWS SPEED PROJECT, Hope for Family Development Initiatives HFDI began Village Savings and Loan Association VSLA (Igbeyinadun) in Oke-Ogbo, Ife East local government.
At the inaugural meeting, HFDI’s HES officer, Mayowa Masanwoola orientated the participants on the need for the Village Savings and Loan Association(VSLA), to support the saving culture and boost sustainability of family in the community.
Masanwoola in his remarks also highlighted the impact and benefits of the VSLA, which include: encouraging savings culture, promotion of financial inclusion, easy access to loans with little interest, community strengthening and empowerment, financial literacy and security.
At the inaugural meeting, the first set of Leaders, such as (Chairperson, Secretary, treasurer, book keeper) were elected to guide and steer the activities of the association, and to keep the group running.
Discuss such as the frequency of meeting, amount to be contributed for savings and social funds, loan criteria and eligibility, interest rates, fines and penalties, usage of social funds were also addressed.
The Members of the VSLA association, who are mostly women, appreciated HFDI’s team for the commitment and objective in setting up such a noble initiative up in their community, while they promised to ensure transparency, and promote unity amongst themselves, adding that they will inform others in the community to join them, as members of the VSLA association.