What can saving .50 cents per week do for a family? It can drastically change things for the better! The inspiration for this project is derived from Tabitha, our partner organization in Cambodia, who has successfully aided over 350,000 families out of extreme poverty to the middle class. Here’s how it works: A family decides how much they want to save each week for 10 weeks. After they complete a cycle of 10 weeks, we reward them with 10% interest as an incentive to save.
This project does the following:
1.) Teaches: It teaches the importance of saving money
2.) Offers incentives: It offers rewards for saving money (an incentive-based program that pays interest when others successfully save).
3.) Offers a solution: It offers a no risk, debt-free solution to improving quality of life
4.) Creates income: The money saved as well as the interest are re-invested towards micro-enterprise (income generating) projects that they themselves decide given their dreams and talents (e.g. poultry farm, dairy cow, goat, pig, fish farm, yogurt making, soap making, sewing machine, etc). Ultimately, this allows dreams to be realized! What was once merely a lofty ideal can now be made a reality through hard work and their collaboration with GOA. Our GOA-Kenya team is there to help by offering consulting on income-generating micro-enterprise investments that incorporate their talents and resources.
5.) The cycle continues: After 10 weeks of savings, they will get the chance to do it again. And again, and again. Up to 10 cycles of savings + added interest for 10 weeks at a time will help families to invest in income generating projects, which ultimately changes their lives.
