Establish sustaining livelihoods through micro-financing and small business opportunities
Financial Inclusion initiatives geared towards supporting conservation objectives are proving to be a success among communities in the Lake Kutubu region in Papua New Guinea.
With WWF formalising three Village Savings and Loan Associations (VSLA) after a week’s training in addition to the appointment of three (VSLA) agents, this innovative project allows communities to improve their financial literacy, save, lend and invest for the future.
A total of 59 participants from the three VSLA groups were supported with the following savings kits; Passbooks, calculators, note books, number cards and savings boxes for use during savings meetings.
The community led project aims to increase the capacity of vulnerable families and individuals to become better financial managers by providing access to basic financial literacy training and savings scheme. WWF provides training and technical support for savings clubs to govern themselves transparently and manage their financial resources effectively with the help of an agent.
The participants were trained on group selection, leadership and election, social fund, share policies, constitution, first savings meeting and first loan meeting and first loan repayment meeting.
About 15 VSLA group executive members (13 women and 2 men), three VSLA agents (2 males and 1 female) and 56 members (54 women and 2 men) from three VSLA groups received the training.
WWF formalized the VSLA agent agreement and they have formally resumed their reponsibilities. The three VSLA agents have progressed facilitating the VSLA group’s savings meetings from October 2019 to October 2020 as their first cycle of the concept and have recorded a savings totalling PGK 43,776.50 (USD $12,468.21)
This year, WWF rolled out the VSLA concept to other new, interested communities in Lake Kutubu, as interests have been flooding in from nearby community groups.