July 14, 2023
News
Twikatane Savings Group started on 1 January 2017 in Mwansabombwe district of Luapula Province. It is a self-formed savings group that began with 20 members but has grown to 35 members. Thanks to Caritas Czech Republic in Zambia and FSDZ for introducing the savings group initiative to them, all the group members are now able to save and get loans.
Twikatane Savings Group
Twikatane savings group has had seven saving circles since 2017 and has done six shareouts. The last shareout was in December 2022, with total cash of K22,590. Carren Chibwe and Pellange Chuma share their positive experiences of being members of the savings group.
“The savings group initiative has been worthwhile as they help me save money for a long period without misusing it,” said Carren.
Carren Chibwe is not only a member of the Twikatane Savings Group, but she is also the group’s secretary. The group secretary is in charge of taking minutes during weekly meetings, recording the amount of savings and the names of the new members. She is also in charge of almost all the paperwork.
Pellange Chuma is a 29-year-old married woman with two children. She joined the savings group in 2017. She is the group’s key holder. In the last shareout, she got K3,800.
“I used the K3800 I got from the shareout to cultivate my cassava field. I used the other part of the money to buy a grass-thatched four-bedroomed house. I also own a veg and fish business that gives me so much profit that assists me with caring for my family,” she said.
Accessing individual loans
When Caritas Czech Republic in Zambia started the project in 2019, Twikatane savings group was among the first groups that received support in the form of training on how to run a savings group.
The Twikatane savings group meets four times every month. Each group member is supposed to save a minimum of K20 (Zambian kwacha) and a maximum of K100 every week. In the third week of the month, those that wish to get loans from the group will inform the whole group and request a loan.
These loans are given to people that want to start up or boost their businesses. Once the loan is approved and given, it must be paid back at an interest rate of 10% in three months.
Promoting financial inclusion in Zambia
Caritas Czech Republic in Zambia and FSDZ have been implementing the Financial Inclusion through Traditional Leadership (FIT) project since 2019 in Chienge, Mwansabombwe, Kawambwa, and Nchelenge districts of Luapula Province. The objective is to improve the financial inclusion of rural communities in 4 districts of Luapula Province through the capacity building and engagement of traditional leaders and village structures. The project also seeks to promote financial education and the formation of savings groups through the Master trainers' model (MT).
