Village Savings And Loans
VSLAs meet profound local needs in rural communities and they grow organically.
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Lyra has adopted a well-established model from Care International since 2012. Community members learn how to manage their savings and access loans which they use for developing their businesses and investing in agriculture. Due to financial success of existing groups, new members were attracted to join. With minimal training and support, Lyra created 213 VSLAs groups across 3 District of Iringa (Kilolo, Iringa Rural and Mufindi District. Expertise builds within the network. Experienced VSLA members train and mentor new groups. We think the results speak for themselves.
Most rural areas don’t have banks
Only 3% of rural communities access any kind of financial services, and these are mainly informal village savings and loans systems.
Most rural families don’t have savings.
That makes them vulnerable to shocks, like sudden medical costs. It also means they can’t access formal credit to invest in income generating opportunities.
Financial services are vital to help rural families out of poverty. Village Savings and Loans provides the mechanism and motivation to save. It makes it possible for even the poorest families to make very small savings each week and access loans. For these families, the VSLAs are a lifeline.
