How to save money without a bank

Given the hand-to-mouth existence of people living in the communities we serve, saving money for larger purchases is challenging. A Village Savings and Loan Association (VSLA) offers a solution as a self-regulated group of 10-30 people who provide financial services to each other. They are especially useful in places where there are no banks.

In Ghana, we plan to use VSLAs to assist in economic empowerment. They give people the opportunity to contribute to a fund that grows and is inaccessible for impulse spending. This allows members’ money to accumulate to a level that will provide them with the chance to invest in business growth or an educational endeavor. See how leader, Joshua Fiagbedzi, facilitates the establishment of VSLAs…