Rural women have shared over N3.7m loan through the Village Savings and Loan Associations (VSLAs) scheme in Dambam and Gamawa Local Government Areas of Bauchi State.
Mr Kingsley Yalling, the programme manager, Attah Sisters Helping Hands (ASHH) Foundations, coordinated the sharing yesterday in Dambam local government area of the state.
He said that the VSLA scheme was a microfinance model to reduce poverty by financially and socially empowering the poor and vulnerable people in the communities.
“The VSLA provides its members a safe place to save their money, access loans and obtain emergency insurance.
“The strength behind the VSLA methodology is that it encourages a culture of saving money among members who are required to save weekly,” he said.
Yalling explained that 24 associations shared among themselves the sum of N3,754,535 from their nine months savings with eight groups from Gamawa and 16 groups from Dambam LGAs.
“In April year, no less than 26 associations of Gamawa and Udubo communities, Dambam/IDP Camp, Gare, Dagauda, Yame and Jalam communities of Dambam LGA, shared-out their savings.
“Members can also borrow from the VSLA using their savings as collateral without necessarily having to sell their property or crop at a cheap price in times of need or emergencies.
“By promoting a culture of saving through the VSLA, farmers can keep their crops during the harvest season and bulk together for sale at a higher price during the off season,” he said.