Village Savings and Loan
Most individuals living in rural Malawi (which is about 80% of the population) do not have access to financial services. One of the ways to provide financial services that has proven effective is called the Village Savings and Loans Methodology. This provides a method of individuals forming groups and then saving and giving loans to one another within the group. Over time, savings increase as well as capital from each loan which enables group members to provide access to a savings account, a debit account, and loans for one another.
Namikango trains qualified leaders from the local churches who are then able to train group members in the methodology as well as basic financial practices. The only amount that Namikango spends on this program is the training of trainers and follow-up once a quarter with all the trainers. Because of the impact and growth of this program, there are now 65+ trainers all over Malawi.
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