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Beekeeping allows people to earn cash from nature. Village Savings and Loans groups empower the poorest to save, re-invest and achieve financial independence. We will enable 240 families in Ethiopia earn their way out of poverty by combining beekeeping with saving together in groups.
Categories
Beneficiaries
Situation
Landlessness in Ethiopia is causing deep poverty among rural youth – where farming used to be the main way of life. This is where beekeeping is so incredibly important, giving people another way to survive. Beekeeping is seasonal and people need to be able to save, reinvest and borrow so they can ‘revolve’ their beekeeping income throughout the year – however without collateral they cannot use formal credit institutions. This is the problem we will be solving.
Solution
We will help new beekeepers to establish Village Savings and Loans groups (VSLG'S). These groups comprise 20 people who save together. The process is simple and powerful. Savings are maintained in a loan fund, from which members can borrow small amounts – allowing them to earn their way out of poverty through diversified economic activity, e.g. tea shops, bike repairs. All transactions are carried out at regular meetings in front of everyone, to ensure transparency and accountability.