Concept
The Self Help Project works to promote saving among community members. Saving is a crucial step in escaping poverty. We encourage members to reduce unnecessary expenditure and save the money instead. These savings can then be used for paying school fees, medical treatment during sickness, investment in business as well as personal consumption.
We give members the tools to save securely and to keep clear, transparent records. It is up to members to work hard for themselves and receive the benefits.
Methodology
We form groups of 20 to 25 members with common circumstances. These groups meet once a week and save a small amount of money. Once the fund is large enough the group begin lending to members for investment in their businesses. The loan plus interest is paid back after a period of one to three months. After a period of one year the box is opened and the savings plus interest is distributed to the members. The cycle then begins again.
To each group we contribute a metal box for holding the savings with two padlocks, a secretary's and a treasurer's ledger, a pass book for each individual member, pens, rulers and an ink pad. We also provide training in saving and lending, leadership and teamwork, business management, book writing and constitution writing.
The groups elect their own officials, Chairperson, Secretary, Treasurer, Key Holders and Money Counters. They also write their own constitution with the rules of how they wish to run their group.
Members also contribute to a Risk Fund. If a member or their child are sick, they can borrow from the Risk Fund to pay for food or transport to the hospital. When they are able the member must repay the loan to the group but does not pay interest and the term is flexible depending on their circumstances.
