November 27, 2023
News
In the remote Nchelenge district of Luapula province in Zambia, Caritas Czech Republic has formed the Lubuto Savings Group with the support of the Financial Sector Deepening. One of the group's members is George Mwamba, a determined young man who dreams of pursuing higher education and becoming an engineer. By joining the group, George wants to save enough money to attend tertiary school and gain the skills needed for a successful future.
The Lubuto Saving Group, a stepping stone towards success
The Lubuto Saving Group was formed on October 2, 2022, with 12 members. Today, it has grown to 25 people who share the goal of improving their financial situation. They meet four times a month to contribute to the group's savings and discuss ways to improve their lives. For George, being a member of the Lubuto Saving Group has proved to be a crucial stepping stone towards realising his dreams. Despite struggling to secure stable employment as a trained teacher, he remains resilient and determined to build a brighter future for himself. George recognises that acquiring additional trade skills, such as mechanics, will help him become self-employed and financially independent.
“My goal is to save as much money as I can so that when we do our first group share at the end of this cycle, I can enrol in tertiary school to pursue my dream of becoming an engineer,” says George Mwamba.
By saving a minimum of K10 and a maximum of K100 at each meeting, George and the other members contribute collectively to the group's financial pool. To date, the Lubuto Saving Group has successfully accumulated K16,155. This impressive figure demonstrates the commitment and dedication of its members towards their shared aspirations.
How George benefits from the savings group
Although the group has yet to conduct a share-out, George has already started to enjoy the benefits of being a member of the savings group. One notable advantage is the ability to access low-interest loans. This financial assistance provides George with the opportunity to invest in his self-development by enrolling in training programmes without the burden of seeking expensive outside loans with high interest rates. Lubuto Saving Group regular meeting
The Lubuto Savings Group offers more than just financial benefits. Through regular group meetings, members foster a sense of community and support among themselves. They share their stories, challenges and successes, and offer advice and encouragement to one another. This system of mutual support enables George and other members to stay motivated even during challenging times.
Taking care of the future through savings groups
George Mwamba's journey demonstrates the transformative power of community and financial empowerment. By joining the Lubuto Savings Group, he has taken control of his future, setting his sights on obtaining a tertiary education to pursue his dream of becoming an engineer. As the group continues to grow and save, opportunities for success and self-improvement will arise for more individuals like George in the rural areas of Zambia. The Lubuto Savings Group is a shining example of how collective efforts and the pooling of financial resources can uplift communities and pave the way for a brighter future.
Empowering communities
Caritas Czech Republic in Zambia has been helping many Zambian communities to become self-reliant for the past 10 years. Many farmers can now adapt to the innovative climate solutions that are helping many vulnerable communities become more resilient. Thanks to UNHCR’s support, the refugees we support are now earning decent livelihoods through our education and livelihoods programmes.
