Establishment of savings and credit scheme, Mwembemadafu, Ukonga - Ilala

Abstract

Savings and credit schemes have proved in many developing countries to contribute in poverty alleviation. It is against this background, this project aimed at raising awareness among community members (especially women) on some aspects of savings and credit. Problem tree analysis was used to come up with community needs; a questionnaire was used to collect information to further assess the importance and participation of the community also the sustainability of savings and credit scheme. The project addressed the importance of savings and credit schemes at community level. The outcomes expected from the project are; some community members would have acquired knowledge on savings; and consequently established a savings and credit scheme. After several days (three weeks; one day in each week) of awareness creation, the Mwembemadafu street community involving 59 people (7 men and 52 women) decided to establish a savings and credit scheme. The project has taken period of sixteen months from the time of commencement to the current state whereby there are still some activities yet to be completed. Savings and credit schemes provide access to financial service to common people enabling them to meet their goals and improve their economic and social conditions; and can easily be made sustainable relying on their members. (Author abstract)