Women in Ohaji/Egbema Local Government Area of Imo State have embraced the Village Savings and Loan Association (VSLA) initiative, otherwise known as Village Banking, as a strategy to promote financial independence and economic empowerment.
The women made the commitment during a three-day training organised by Communal Care Centre, a non-governmental organisation implementing the Renewed Women’s Voice and Leadership Nigeria (RWVL-N) project, sponsored by ActionAid Nigeria and funded by Global Affairs Canada.
The Executive Director of Communal Care Centre, Mrs. Colette Bennett who also facilitated the sessions explained that the training was designed to equip women with practical skills to improve their savings culture and enable them to access loans to establish or expand their businesses.
She said that the VSLA model was designed to build women’s capacity to manage their group’s finances and businesses independently.
According to her, members elect a management committee, develop a constitution to guide their activities and conduct financial transactions transparently during regular weekly meetings, while keeping proper records of savings, loans and repayments.
She added that the groups generate income through little interest on loans and other permitted earnings, with accumulated proceeds shared among members as dividends at the end of the circle year.
She stressed that women’s financial status and contributions to their families and the society would strengthen their dignity, respect and participation in household and community decision-making.
She assured the participants that the organisation would continue to monitor the activities of the VSLA groups after their establishment, providing guidance and technical support.
In his remarks, the Director of Women Affairs, Imo State Ministry of Women Affairs and Social Welfare, Mr. Austin Okoro commended Communal Care Centre for the initiative, describing it as a laudable intervention and innovative approach towards empowering women to collectively generate financial resources to promote their livelihoods.
He urged Communal Care Centre to extend the training to other communities, noting that women’s economic empowerment would help reduce the incidence of gender-based violence in homes, communities and society at large.
The Chairman, Board of Trustees of Communal Care Centre, Sir Bede Eziefule expressed confidence that the women would translate the knowledge acquired into practical action in their respective communities.
He pledged to visit the two communities to monitor the progress of the groups and urged the women to prioritise financial independence.
He also thanked ActionAid Nigeria for granting CCC funds to carry out its programs in Imo State.
Speaking after the training, Mrs. Nwosu Dominica the woman leader of Umuokanne Autonomous Community said she has learnt that financial independence would enable women to raise capital for businesses and build a sustainable source of income.
She pledged to step down the training to other women in her community, assuring that more than one VSLA group would be established to encourage savings, support family needs and promote self-reliance among women.
Similarly, Lolo Anthonia Ekenta the woman leader of Mgbirichi Autonomous Community said the training has broadened her understanding of the importance of economic independence.
She promised to establish two VSLA groups in her community as a starting point.
High point of the training was the establishment of Village Savings and Loan Associations in Mgbirichi and Umuokanne Autonomous Communities in Ohaji/ Egbema Local Government Area, Imo State.
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