December 15, 2023
News
In the heart of Nchelenge district, a transformative initiative known as the Kamaundu Savings Group has been making waves since its establishment on December 5, 2020. Thanks to Caritas Czech Republic and Financial Sector Deepening, Fredrick Mwewa, the group’s secretary and Amos Kawama, the chairperson, established and run successful businesses and can now share how the savings group has positively changed their lives and the broader community.
The Genesis of Kamaundu Savings Group
With over 25 dedicated members, the group has become a beacon of hope, enabling its participants to gain financial literacy and entrepreneurial skills. Kamaundu Savings Group was founded with a clear vision to uplift the economic status of its members through the power of collective savings. Meeting weekly, the group has embarked on a journey of financial education and entrepreneurship training, setting the stage for a remarkable transformation in the lives of its members.
Fredrick Mwewa's Success Story
Fredrick Mwewa, a 29-year-old secretary and member of the Kamaundu Savings Group, attests to the life-changing impact of the initiative. Through the group’s two shareouts, which amounted to K15,200 and K27,670, respectively, Mwewa kickstarted his own fish business.
“Savings group is a good initiative that has helped me save money and start my chisense (fish)business,” he shares. Mwewa’s success highlights the savings group's effectiveness and showcases the potential for individual growth within the community.
Amos Kawama's Perspective
Amos Kawama, the 49-year-old chairperson of the Kamaundu Savings Group, shares a similar sentiment. Having joined the group in its early days, Amos reflects on the significant positive changes he has witnessed in his life and the lives of many community members. “Most of them were very poor and could barely afford basic needs, but it’s now a story of the past. Now they can afford most of the things they need,” Amos says.
Amos is now a proud father who can now provide for his family’s needs thanks to the financial stability brought about by the savings group initiative.
Beyond individual success stories, the Kamaundu Savings Group has created a ripple effect in the community, uplifting its members from poverty and empowering them to meet their basic needs. Amos emphasises the group’s commitment to continuing the initiative, recognising its potential to bring sustained positive change to the lives of many.
Kamaundu Savings Group empowers its members
With support from Financial Sector Deepening (FSDZ), Caritas Czech Republic has been helping many rural communities in Luapula province become financially independent. Since 2019, we have been running the Financial Inclusion through Traditional Leadership (FIT) project in Luapula Province and have seen many successes so far.
The success of the Kamaundu Savings Group stands as a testament to the transformative power of community-driven financial initiatives. Through education, collaboration, and a shared commitment to financial growth, this group has not only empowered its members to break the shackles of poverty. It has also sparked a positive change in the broader community. The stories of Fredrick Mwewa and Amos Kawama are inspiring examples of how collective efforts can lead to tangible and lasting improvements in the lives of individuals and communities.
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