News Column

Kokoyah Millennium Villages' Beneficiaries Increase Savings

May 23, 2014

Ethel A. Tweh

Beneficiaries of the Lorkiamue Village Savings and Loan Association in New Town, Bong County have reported increased savings, utilizing business management training conducted under the Kokoyah Millennium Villages Project supported by the Government of Liberia and UNDP. According to the association, savings have been increased from 12,000 to 25,000 Liberian dollars in its second phase.

The total amount of savings for the second phase amounted to 625,000LD, while interest from loans to members amounted to700, 000LD, giving a cumulative total savings of $1,325,000 million Liberian dollars.

During distribution of shares recently in New Town, members of the Lorkiamue Association received cash ranging from 25,000 LD to 53, 5000 LD depending on the amount each member invested in the Association and interest generated from loans.

The Commissioner for Boinsen District, William Tarpeh, thanked the Rural Women Welfare Committee (RUWECO) and UNDP for taken the initiative to his district. Commissioner Tarpeh cautioned the beneficiaries to use their savings to develop their homes and educate their children.

The Town Chief of New Town said the VSLA programme has provided a safety net for most homes since its inception, adding that members now have easy access to cash when faced with difficult situations.

The Manager of the UNDP KMV Project, Samuel Ndingi, expressed appreciation to members of the Lorkiamue VSLA, who have made the project impactful. "You have followed the processes of the VSLA methodology training which today has culminated to a second successful share out", Mr. Ndingi noted.

He recalled that when the programme was initiated, many did not want to participate, thinking that they were being deceived. "Today, we are all present to witness a great occasion which came as a result of hard work and willingness of members to follow instructions".

Mr. Ndingi described the group as proud achievers and encouraged them to continue in the same direction in order to lift their families out of poverty through business.

Earlier, the VSLA training had only five members that were involved in petty trade in New town and U-Lah, with no business management skills. Today, almost all members trained are involved in one form of business or another.

Members are elated over the benefits they have been able to reap from the training and savings. One of the beneficiaries and the only male in the group, John Woh, reminded participants at the occasion to think about the difficulties involved in mobilizing resources and materials for the construction of a house.

"Now that I am a member of Lorkiamue VSLA," he said, "it did not take me long to realize my dream. I took a loan from the Association and within one year, I have built a four bedroom house."

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Source: AllAfrica

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