Yaa Dora needs money to pay the school fees for one of her sons who is in senior high school.
In the past, she was sometimes able to borrow from a friend who did not charge her any interest. If her friend couldn’t help, she was forced to get a loan from another woman in the community who charged 30% every month. Yaa Dora took this kind of loan from the woman twice, and though she was able to pay back the loans, it affected her finances very negatively.
Now that Yaa Dora is a member of a savings group Just Hope helped form in her community, she is able to secure loans at an interest rate of 3% per month.
After finishing their first year-long cycle, Yaa Dora’s group paid out its earnings to its members. She used her share to pay part of the fees for her son’s final year of school, and to purchase 10 bags of cement to start building the foundation of a two bedroom apartment. Both of these accomplishments, she says, would have not been possible if not for her savings group.