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Unity Savings and Loans Group at OLA cathedral raise over 43 thousand in a year.

The Unity Village Saving and Loans Association of the OLA Catholic Cathedral Parish in Tamale, a group made up of 30 members, the majority being women, managed to save over GHC 43,797 cedis just within one year of its formation. With a share value of 5 cedis per week raised through savings, the 30 member group saved GHC 33, 970 cedis into their VLSA box, with an extra 12,000 cedis profit representing 74 percent in just one year.

The Unity Village Saving and Loans group, formed in March 2019 was facilitated by the Jaksally Development Organization, a local NGO together with Vision Fund through training and providing extra loans for the women to expand their businesses.

VLSA is a model that creates self-managed and self capitalized savings for groups using their savings to lend to each other in urban slums and remove rural areas and has over 20 million active participants in Africa, Asia and Latin America.

Speaking at an end of cycle share-out held during the weekend, Tamale Metro Chief Executive, Iddrisu Musah Superior, commended the efforts of the group particularly the women for their efforts towards reducing poverty among their lot. A Share-out is an end of cycle and joyous moments for most VSLA members where their group saving box is opened, funds accounted for and the contributions realized is shared per each member’s contribution and without defaulting in loans.

The Executive Director of Jaksally, Jeremiah Seidu said the formation of such VLSA was critical to national development as it empowers the vulnerable. According to him, VLSA have altered the development equation in marginalized communities worldwide by providing members with means to cope with emergencies, build capital and rebuild social interdependence and trust which he added, would help achieve the UN Sustainable Development Goals.

Here is Madam Bridget Angkosada, the chairperson of the Ola Unity VLSA speaking on the impact of such mobilization.

Earlier, the administrator of the OLA Cathedral parish, the very Rev Father Carolus Magnus Gambagi commended the groups for such refreshing effort saying this was in line with the gospel of Christ by helping one another to come out of poverty.

Source: Nelson Adanuti Nyadror | www.diamondfmonline.com | Ghana

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