In 2023, our 40 savings groups, a collective force of over 1,800 members, achieved significant milestones. These groups circulated more than $610,000 in loans, fueling vital economic activities, particularly in the agricultural and business sectors. Our commitment to their success was demonstrated through hands-on guidance, monthly savings meetings, and thorough year-end reviews.
A significant move towards enhancing digital literacy and financial management efficiency was our initiative to train five groups to use a digital application. This tool is designed to improve financial accuracy and streamline our oversight processes. We aim to equip and train all groups with this digital tool in the coming years.
Year-End Reflections and Growth
Reflecting on the 2023 loan and savings cycle, we observed notable progress and community growth:
- Our reach expanded into 5 communes, growing our membership to 1,830, up from 1,451 in 2022 and 1,180 in 2021.
- The total capital among these groups reached around $610,000, with 1,430 loans disbursed throughout the year.
- A significant 81% of these loans, totaling $495,000, were invested in agricultural enhancements, affirming our commitment to sustainable farming.
- Additionally, 12% of the loans, amounting to $72,600, supported business improvements, showcasing the entrepreneurial spirit of our groups.
- Impressively, 93% of the loans were productive, with the remainder supporting education, health, housing improvements, and religious/traditional ceremonies.
As we look towards 2024, the success stories from these groups inspire us, and we remain committed to expanding our impact.
