Savings and financial literacy program
Habitat Zambia endeavors to transfer skills
and knowledge of the vulnerable and slum
dwellers to allow them to make informed decisions
We have mobilized slum dwellers to form savings and loan groups that act as a social safety net, build social capital in the community, and serve as problem-solving networks for residents facing challenges related to housing.
#Financial Literacy for All
We have mobilized slum dwellers to form savings and loan groups that act as a social safety net, build social capital in the community, and serve as problem-solving networks for residents facing challenges related to housing.
Habitat Zambia has so far facilitated the establishment of 149 savings and loan groups with 2,982 members who have collectively given out more than US$35,000 in loans to help members secure land title, improve their homes or, in some cases, start home-based businesses to earn income.
Each savings group consist of about 25 members who save their money together and offer loans to members who do not have access to a safe and secure way of obtaining a loan. The accumulated savings, plus interest, is paid out to the members each year. The annual savings cycle then starts afresh.
These groups encourage members to secure land tenure documentation such as occupancy licenses for their homes. Members also use the microloans for income-generating activities, acquire land and improve their homes.