In Ward 9 of Umguza, Bulawayo, a remarkable transformation has been taking place since September 2023. The Ilima Savings Group, comprising 18 dedicated men and women, embarked on a journey to financial empowerment and community development with the support of SOS Children’s Villages’ Family Strengthening Program.
The group, which began with each member contributing a modest personal capital of $20, quickly became a beacon of hope and resilience in their community. Guided by the financial literacy and Village Savings and Lending Associations (VSLAs) training provided by SOS Children’s Villages, these members have fostered a spirit of unity and mutual support, driving their collective success.
From the outset, Ilima Savings Group demonstrated remarkable foresight by drafting a comprehensive constitution and a stringent code of conduct. These documents ensure that every member adheres to established rules, fostering an environment of accountability and trust. Additionally, the group has implemented intricate bookkeeping systems, maintaining meticulous records of their financial activities. They hold regular meetings where detailed minutes are recorded, ensuring transparency and collective decision-making.
As of July 2024, the group’s financial growth has been nothing short of impressive. They have raised $7043 from their regular contributions and amassed an interest of $1,300 from loans extended to members. This financial success is a testament to their disciplined approach and the effective financial strategies imparted by SOS Children’s Villages.
Despite their achievements, the journey has not been without its challenges. “Farming is a game of chance,” says Herbert Ndlovu, the group’s Chairperson, reflecting on the unpredictable nature of their primary livelihood. Unreliable rainfall and limited access to water have posed significant obstacles to their farming efforts. However, the group remains undeterred, channelling their resourcefulness and determination into overcoming these hurdles.
With their proceeds, the members of Ilima Savings Group have set their sights on a crucial project: installing boreholes on their farms. This initiative aims to secure a reliable water supply, which is essential for enhancing their agricultural productivity and ensuring food security for their families. The boreholes represent not just a practical solution to their water woes but also a symbol of their unwavering commitment to improving their community’s standard of living.
The impact of the Ilima Savings Group extends beyond mere financial gains. It has elevated the entire community by fostering a sense of self-reliance and collective effort. The group’s success story has inspired others in Ward 9 and beyond, illustrating the transformative power of financial literacy and communal solidarity.
“We are willing to put in the work to make the lives of our families better,” asserts Chairperson Ndlovu, capturing the group’s principles of hard work and resilience. Their journey is a powerful reminder that with the right support and determination, even modest beginnings can lead to significant progress.
The members of Ilima Savings Group are deeply grateful to SOS Children’s Villages’ Family Strengthening Program for their unwavering support. Operating in Umguza, Bulawayo, SOS Children’s Villages has been instrumental in providing the training and resources necessary for the group’s success. Their continued guidance and encouragement have empowered the members to not only improve their financial standing but also to become active contributors to their community’s development.