Our Entrepreneur Co-op is comprised of 15 women who graduated from our program and are now successful entrepreneurs. Most all of these women have received at least one Business Grant from us over the last few years.

This group of women is committed to meeting every few weeks, checking in with each other to share new ideas, problem solve, and best of all to provide encouragement every step of the way. As some of you may know, running a business is tough stuff. Running a business as a woman in Zambia is extra tough stuff.

When we formed this group, we were excited for the strength in unity that would surely come about. And it absolutely has. But one unexpected perk has also arisen, because these women are just that amazing.

Enter: Village Banking

This form of group savings is just like it sounds in the name- familiar, cultural, communal. And while this group of women doesn’t live in the village but rather in an urban neighborhood, the premise remains the same.

How does it work?

Each woman saves money to her name, recorded in a group notebook. Rather than keeping funds in a box with a shared key, as is sometimes customary (called merry-go-round savings), this method doesn’t put the burden of safekeeping of the box on any one person.

Each time the women gather together, everyone puts money into the pot, each choosing how much she wants to save. Then one woman can choose to withdraw or take a loan from the pot. She will re-pay the loan with interest over a set period of time. The next time that the women meet, another woman will take a loan from the pot, and she’ll repay that loan with interest over time. At the end of that time period, all of the interest collected is proportionally shared amongst the women according to how much each woman has saved, which is typically a large sum.

Sound confusing? Yes, I’ve had to ask for clarity many, many times and still probably don’t have every detail understood. But what matters most is that the group of women have it under control, and they absolutely do.

During this last share, each woman was able to purchase or pay for some really substantial things. And when access to capital is pretty tricky, this Village Banking model provided them with larger sums of money to be able to make dreams come true.

Here’s just a snapshot of what some women did with their “shareout:”

Doreen purchased tiles to put down in her primary school classroom, covering the dusty concrete floor with beautiful tiles for cleanliness and a nice learning environment
Charity paid for her daughter’s school fees. Did you catch that? Because of this Village Banking model, Charity was able to send her daughter to school.
Mervis bought popcorn seeds to start a side business when it’s not farming season.
And Elina bought a small plot of land to build shops for passive income generation.

I know we say it a lot, but we really are so proud of these women. For their ingenuity, for their grit, for their determination, and for their commitment to one another and to paving a new path for their children.

Thank you for supporting these women through your monthly HOPE Club gifts, one-time contributions, and end-of-year donations. You are helping create these ripples of HOPE in Zambia.

With Chikondi (Love),

Amy
CiH Founder & Executive Director