IOVCY PROJECT INCREASES ECONOMIC RESILIENCE OF VULNERABLE HOUSEHOLDS IN MUPAPA VILLAGE.
Lusubilo Community Care, in partnership with Catholic Relief Services, is implementing the Integrated support for Orphans and Vulnerable Children and Youths (IOVCY) project in Senior Group Village Headman Mwenibanda, TA Mwabulambia, Chitipa district. The project harnesses the Malawi Vision 2030 and 2063 as it contributes to eradication of poverty in its project areas by promoting economic resilience through its financial inclusion pillar. In this pillar, the project encourages individuals to form Savings and Internal lending Communities (SILC) groups. Lwitiko savings group in Mupapa village, is one of the SILC groups established and on 4th November, 2023 the group had its share out.
Initially, Lwitiko SILC group was trained in SILC methodology as well as financial education through the IOVCY Project. The group consists of 20 members with seven men and thirteen women. In their second cycle, the group had accumulated a total of MK2, 103,000.00, which was shared. The highest got MK156, 000.00 while the lowest got MK46, 000.00.
All the group members testified to have benefited enormously from the group and promised to use the funds to buy farm inputs such as fertiliser and seeds. Worth noting was that some group members have already started buying their farm inputs with savings from the group.
Kendrick Mtambo is one the members who testified to have benefited a lot from the SILC intervention. “Before the project, I used to struggle in a number of things. My compound was a stock of problems such as food, income and nutritional insecurities. I had no access to savings and lending institutions where I can get small loans to boost my green maize and tomato production businesses. I could fail to access improved farm inputs such as fertilisers and certified high yielding seeds” explained Mtambo on the problems he faced before joining the SILC group.
“The landing of IOVCY Project, specifically the Graduation Model approach with SILC intervention, was the turning point of my life and now all the problems I faced is history. My businesses are now progressing well. I have enough funds to buy my household needs. I have enough food in stock. I have a one acre of green maize and one acre of tomato. I am also prepared for this rainy season as I have purchased fertilisers and seeds using cash from my pocket and SILC share-out,” Mtambo proudly said.
These SILC groups provide a financial backstop for life challenges and shocks, thereby ensuring economic stability and resilience. The IOVCY project through its financial inclusion pillar is a milestone ready to change the economic sustainability of households.
By Communication Office.