Gasabo: Seven VSL groups shared their annual savings

Thu, 1 Sep

Faith Victory Association (FVA) has on August 25, 2016 chaired the annual VSL share-out ceremony for Duhurizehamwe, Abashyizehamwe, Tuzamurane, Dukundane, Abizeranye, Umucyo, Umurava, Seven Voluntary Savings and Loans (VSL) groups involved in savings and lending activities at FVA’s Head Office in Rusororo sector/Gasabo district.

The seven groups which concluded their savings and loans year, they shared around 18 million Rwandan francs of savings whereby the highest individual share was around 160,000 Rwf.

The highest interest by share became 286.59 Rwf while the lowest interest by share stood at 150 Rwf.

As usual, group members attend the ceremony with stuffs that they buy from their individual shares depending on everyone's need. Some bought livestock, matresses, and domestic materials while others presented some pieces of clothes.

All groups’ members share the same story of being jobless women who were used to depending on their husbands for every financial need. However, VSL has become a bridge that connects them to finances and most of them gained economic independence in their respective families.

During share-out event some of the women testified the importance of being a part of VSL groups.  Emmerance Niyonagize of Umurava VSL group testified how VSL activities enabled her to renovate a 4 rooms’ house and to electrify it for the benefits of her tenants. Beyond refurbishing the houses, she has also been able to buy a cow and completed payment after share-out.

Madelène NYIRASHUMBUSHO from Abashyizehamwe has used VSL interventions to buy a cow while Cecile Uwimana from Abizeranye has bought a 250,000 Rwf plot of land in Rusororo.

All these women who testified benefits from VSL have clarified that all their achievements were possible because of FVA which introduced VSL in their locality.

Not only they have got financial independence, but also some of them have secured loans to start up some lucrative businesses while others have been able to support their husbands to enhance the progress of their families.

FVA has formed around 30 VSL groups in the city of Kigali including more than 11 groups which gather for group activities once a week at FVA Head Office in Rusororo sector of Gasabo district. 

The share-out ceremony happens every year after 50 week of savings and lending activities.