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Saturday, 11 April 2020 09:52

Village Banks a tool for financial improvement amongst women

Written by  Ruth Lengani

 

Karonga, April 11, 2020: Chairperson for Kwiyula Village Bank in the area of Paramount Chief Kyungu in Karonga, Jessie Gondwe has said Village Banks are instrumental in improving women’s financial status in the country.

In an interview with Malawi News Agency (Mana), on Friday in Karonga, she said many women who are involved in bank groups have their lives changed tremendously than they were before.

Gondwe advised women who only relying on their husbands for financial support to thinking joining such groups.

She said women who are financially stable could assist their husbands in raising their families by providing some of the daily basic needs.

 “My life was miserable before I joined the bank but now, my life is no longer the same. I have managed to build two houses which I am renting out. I am able to pay school fees for my two children and support rest of the members of my family,” the Chairperson pointed out.

Gondwe said Kwiyula Village Bank raises about K5 million annually which was divided amongst the group members by the end of the year.

Treasurer for the Group, Jessie Mwausegha expressed hope that the group may realize more money this year said because some men have joined them after noting benefits of being members of such groups.

She said late loan repayment is a major challenges which the group faces since most of the group members are involved small scale businesses.  

The Treasurer said the group’s vision was to see as many people as possible joining it, saying the more members the group would have more money would be raised.

Kwiyula Village Bank started in 2011 with 25 women with the aim of empowering each other financially.