Starting March 2012, this group of 18 women started putting their savings into the common box month after month. At the beginning they were a bit scared to take loans, but once they started they have already helped 13 women with a total of 9,000,000IRP (approx. 900US$) in loans, which have been used for different needs like: investing in their little businesses, paying back other loans, building toilets and other daily needs.
Last Wednesday February the 6th, the women from Bangkang group were very happily surprised when they shared the profits after 1 year of investing and saving in their group. The total profit of 924,000IRP (approx. 92US$) comes from the interests paid for loans by the group members. Each women received their share of profits, which depends on the amount of shares owned in the group: a 23% gain over their savings, much better than any bank!
Therefore, with this methodology, women are owners and beneficiaries from the Savings & Loans groups at the same time. You should have seen the smiles in their faces as they were being called one by one to get their money!
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