In a significant milestone for financial inclusion and household development, two Savings and Internal Lending Communities (SILC) groups, held their share-out meetings with remarkable success in Rumphi District.
The two groups are Umoza SILC from Village Headman Mgalam, GVH Kambotoli and Tiyanjane SILC from Village Headman Katopoka, Chidiwo, TA Kachulu.
Umoza SILC, which comprises 16 members, shared a total of K5, 319,000 during the event. The member with the highest payout received K245, 000, while the one with the lowest received K112, 800. Similarly, Tiyanjane SILC, consisting of 22 members, shared a total of K8, 055,480, with the highest payout member receiving K808, 880 and the lowest receiving K116, 600.
The members, who are beneficiaries of the Lusubilo IOVCY Project, expressed joy and appreciation for the share-out results. They highlighted that the money will enable them to meet essential household needs such as purchasing fertilizer for mbeya making and investing in small-scale businesses to improve their livelihoods.
The groups’ also extended heartfelt thanks to Lusubilo Community Care for training and supporting them in the SILC methodology through the guidance of the Field Officer (FO) and Community Agents (CAs).
The success of these two SILC groups stands as a testament to the power of collective savings and financial inclusion. As the members continue to grow and prosper, they inspire others in their communities to follow in their footsteps.
Economic empowerment through SILC is one of the key interventions under the Lusubilo IOVCY Project, implemented with financial support from the Coppell Family and technical assistance from Catholic Relief Services (CRS).