Project Launch: 1-9-17
Mozambicans have felt their purchasing power dramatically decline in 2016 as the country reels from the news of over $2 billon in undisclosed government debt. The national economy is in flux and the cost of basic expenses has surged. Informal women's cooperatives and collaboratives have allowed rural life to continue on in spite of these challenges. Realizing the role of women in powering the national economy, one community is seeking funds to create a small savings and loan association so that local women can access small amounts of money to power their small enterprise.
Project Update: 5-8-17
All members have since taken out small loans for a duration of six weeks at a 10% interest rate to practice their business model. Such low interest rates are not easy to come by in Inhassoro as rates are typically over 100% of the loan amount. When the lending cycle ends, the original prinicpal will remain with the group, but any interest earned is divided equally among members as individual profit.