Abu Ghosoun Village Savings and Loan Association (VSLA)

Start Date: April 2019
End Date: Ongoing
Location: Abu Ghosoun Village and surrounding communities
Target Group: Local Ababda people
No of Beneficiaries: 70-80 local people
Project Description: Abu Ghosoun Village Savings and Loan Association (VSLA) is groups of people (mostly women) who save together and take small loans from those savings. The activities of each group run in cycles of one year, after which the accumulated savings and the loan profits are distributed back to members. The purpose of the VSLA is to provide simple savings and loan facilities in the local Ababda community that does not have easy access to formal financial services. The system is very simple; but the result is powerful.
Impact: This program will bring social and economic benefits to the local people by encouraging local people to collectively save money together and helping them to start and run small businesses that will provide a steady source of income.