Savings Groups: A Snapshot
We all know that saving is important. Whether it’s for emergencies or a rainy day fund, putting some money away for the future is wise... and difficult. Savings Groups help make it a little easier for people to start saving. Savings Groups are:
- Made up of people who save together in a safe, convenient and flexible way
- Owned, managed and operated by members using simple methods that help groups accumulate and convert small amounts of cash into savings
- A way for members to access credit to help generate additional income or to deal with emergencies
With a fund that they can access, members are assured of having something stored for future events, whether it’s paying for school fees, unexpected medical costs, business opportunities or other emergencies. For people who are living in poverty, having that security makes life a little easier.