Over 100 VSL groups formed in newly established catchments in Thyolo

Thyolo. October 03 Mana: In a major milestone for financial inclusion and community development, close to 100 Village Savings and Loans (VSL) groups have been formed in the newly established catchments of Namileme and Mkudzi Mpenda in Thyolo District.

Speaking on Wednesday at Namileme Catchment where COMSIP is training community facilitators from the groups, District Community Development Officer for Thyolo, Joseph Banda said the groups comprising of participants of the Climate Smart Public Works Program (CSPWP), aim to promote a culture of saving and investing.

“It is hard for local people to borrow money from banks, but by joining these groups, they will have easier access to funds when emergencies arise,” said Banda.

Banda said that the training aligns with Malawi’s Agenda 2063 pillar number one, fostering a shift in mindset toward group collaboration and saving money earned from the CSPWP.

COMSIP Officer for Namileme Catchment Fedda Jusa said they want participants of the climate-smart programme to understand that even small savings can grow significantly over time.

"By fostering a savings culture, we show them the possibilities that open up when they take control of their finances," said Jussa.

Jusa added that the training is designed to empower participants by giving them practical tools for financial independence.

“The training is not just about saving money, but also about learning how to invest it wisely. This will help the participants grow their savings, meet basic needs, and even plan for their children's future by affording school fees,” added Jusa.

The Climate Smart Public Works Programme Desk Officer Francis Yohane said the training has long term benefits to both the participants and the project as a whole.

“These catchments have potential to thrive under the VSL model. The participants will not only gain financial literacy but also practical skills, such as making manure, which will boost agricultural productivity.

"By empowering them in this way, we ensure sustainability beyond the lifespan of CSPWP projects.” said Yohane.

One of the facilitators Ethel Balani described the training as very significant as it will help them manage the groups that have been established.

“We have learned a lot about how to manage savings groups effectively. This training has equipped me to empower others in my community to save and invest for the future,” she said.

Another facilitator, Lasmo Mangani said apart from saving money, the groups will also be able to impart knowledge on manure making which will result in improved food security.

"This is more than just savings; it’s about improving livelihoods across the board,” he added.

COMSIP is conducting the training under the Social Support for Resilient Livelihoods Support (SSRLP), a five-year Government of Malawi project funded by the World Bank where they build the capacity of beneficiaries of Social Cash Transfer (SCT) and Climate Smart Public Works Program (CSPWP) to instill in them the culture of saving and investment, and effect mindset change.