55 year old, U Htay Thein, a rice paddy farmer, lives with his wife and daughter in San Pya Lauk Lay Chaung Village in Myanmar. For the past 53 years, Htay while he knew a little about saving as an individual he didn’t know or understand the power of saving money as a community group and the positive impact that this a good savings habit could have on his life and that of his family. He didn’t even know really why he should save and what to save for. His local community had no financial institution that could serve them because they wouldn’t qualify for a bank account due to the lack of financial literacy. Today Htay, realises the importance of developing good savings habits and the importance of a community-owned savings bank, thanks to the Cufa Credit Union Development Program. This program supports and trains members of a community to form member-owned financial institutions.
It was in July 2017 that Htay became a member of his village-owned credit union and attended training sessions provided by the local Cufa staff. The training provided Htay with an understanding of how to save, the benefits of saving and other basic financial concepts. As a member of the bank’s Self-Help Group (SHG) which are established to increase financial inclusion, Htay now talks to other interested villagers about his experience, the benefits of developing good saving habits and the importance of such for every household. Htay says that the SHG also helps build trust amongst each other as many of the villagers at the start didn’t believe that they could save together. The benefits generated from a community saving together include such things as access to emergency loans, productive loans and interest on savings.
Two years on and Htay says that it gives him and his family so much pleasure to open their savings book and see the amount they are saving plus interest and now they have a better outlook for their future.
Financial access and inclusion for the poor is core to alleviating poverty.
Read more about Cufa’s CUD Programs at www.cufa.org.au.
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