What Are VSLA’s?
In vulnerable communities, CarePoints serve as catalysts for financial transformation and generate ripples of impactful change. One of the remarkable ways they do this is through the establishment of Village Savings and Loans Associations (VSLAs). Imagine a tightly-knit group within a community, where neighbors come together, not just as friends, but as financial allies.
These groups, known as VSLAs, do something amazing with their shared resources. Each week, members contribute a portion of their earnings into a communal fund, which serves as a lifeline for those seeking financial assistance for various endeavors. Whether it’s starting a small business or meeting urgent needs, the VSLA fund stands ready to support its members.
But it’s not just about lending and borrowing money. The VSLA program offers a priceless education in financial literacy and entrepreneurship, too! Through workshops and practical learning sessions, members gain valuable insights into managing their finances wisely and mastering essential business skills.
The impact is profound. Families launch businesses and the cycle of poverty is broken at the grassroots level. According to Care.org, members typically see their income soar by an average of 2.75 times over five years—a testament to the transformative power of VSLAs!
Katuba CarePoint’s VSLA
In the heart of Uganda, Katuba CarePoint is a true testament to the power that arises when community and financial empowerment intertwine. Founded in 2022 with just fifteen members, it marked the genesis of a remarkable journey—a journey that has since blossomed into a thriving VSLA community, now boasting over 230 members and nearly $5,000 USD in outstanding loans.
Issa’s Story
The success stories emerging from Katuba’s VSLA are as diverse as they are inspiring. Take Issa, for example—a devoted father of seven and once a humble clay brick maker. Faced with the challenges of seasonal work and scarce clientele, Issa’s dreams of providing for his family seemed distant. However, through the VSLA group, he found hope. Four months into saving, Issa seized the opportunity, taking out a loan to kickstart a poultry farm. His decision bore fruit, quite literally, as he sold his first batch of chickens for double the investment. Today, with a flock of 200 and a flourishing retail shop run by his wife, Issa’s journey epitomizes the transformative power of the VSLA.
A Huge Milestone 🎉
But Katuba’s VSLA is not just about individual success—it’s about collective empowerment. Recently, they achieved a monumental milestone, transitioning into an official Savings and Credit Cooperative (SACCO)—a testament to their unwavering dedication and financial acumen! As a SACCO, members can now access larger loans with extended repayment periods, fueling even greater economic growth within the community. With aspirations to evolve into a formal village bank in the coming years, Katuba’s SACCO is poised to redefine the landscape of economic opportunity in their district.
We invite you to join us in celebrating Katuba CarePoint’s journey—a journey marked by resilience, empowerment, and boundless potential. Together, let’s continue to nurture dreams, uplift communities, and pave the way for a brighter tomorrow. Partner with us today and be a part of the transformative impact of VSLAs and savings groups in Uganda and beyond. Click the link below to learn more and join our cause.
Join Us in Making a Difference!
We celebrate Katuba CarePoint’s remarkable journey—from a small VSLA group to an official SACCO with big dreams. If you share our passion for empowering communities through VSLAs and savings groups in Uganda and beyond, we invite you to get involved!
