Community-Based Savings

Community-Based Savings refers to a financial practice where members of a community come together to save and manage money collectively. Participants contribute a set amount regularly, which is pooled together. This fund can be used for loans to members, emergencies, or community projects. It fosters mutual support, enhances financial literacy, and encourages a culture of saving. Often, these groups are informal and may not rely on formal banks, making saving accessible to all members, especially in underbanked areas. This approach strengthens community ties and empowers individuals financially.