Savings groups

Savings groups are community-based organizations where members come together to save money, lend to one another, and support their financial goals. Typically formed in local communities, these groups encourage members to contribute regularly to a common fund. The pooled resources can then be borrowed by members at low or no interest. This system promotes savings, fosters trust, and improves financial management skills. Savings groups often empower individuals, especially women, by providing access to funds for personal or business needs, promoting economic resilience and improving overall community well-being.