Savings and Credit Cooperative

The organizers of the Savings and Credit Cooperative

Through the initiative of an energetic local woman, a "Savings and Credit Group" had been formed in Kumbu-Kasthali. For years savings were collected - which bear interest at usual rates - and micro credits offered to members of the group. However, not until 2009 was the group officially registered as a cooperative. We have been supporting this initiative since 2006 by increasing the rather low income of the highly committed manageress and her assistant.

The office of the Cooperative, built in 2008/09
Yearly assembly of the Cooperative

In view of the growing number of members the execution of the weekly "office hours" to serve the clients became more and more difficult without appropriate rooms. We therefore agreed to the financing of a two-room office which was built in 2008 and started operations in 2009.

As the Worldbank Programme mentioned before (Poverty Alleviation Fund - PAF) also grants micro credits to the members of neighbourhood groups formed in the villages, we have assured ourselves that aside of this programme the activity of the Savings and Credit Cooperative has its justification. Because double work with the same aims and for the same target group would not be helpful. This, however, is not the case.

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