- Even it Up
Three quarters of the world’s poorest people do not have a formal bank account. With few viable means to save, these families are vulnerable to any hardship.
Oxfam’s “Saving for Change” project supports community-based saving groups. They provide a secure place to save; the opportunity to borrow in small amounts on flexible terms; and a network of solidarity.
18 years old Kit Nary comes from a farmer family in Angkorl village, in south-west Cambodia. It was her mother who introduced her to Saving for Change and convinced her to join.
Nary has been part of a saving group for two years now, to support a crab business she started herself. She buys crabs, takes the meat apart and then sells it. She first borrowed 60,000 riel (less than 15 dollars) and 100,000 riel (25 dollars) in a second phase to increase her business.
“In the beginning we thought it would be hard [to create a savings group] because there is no money to save. Then we saw that little by little, the money was growing and it was only from us!”
Beside the economic benefits, the saving group is also a means to share knowledge and experiences.
“Since I have been part of the group I have started to save money and reduce unnecessary expenses. Maybe one day I will be able to open a make-up shop,”
The saving group has given a girl like Kit Nary, who dropped school halfway, the confidence and knowledge to tackle her dreams.
Photo: Savann Oeurm/Oxfam
We live in a world where a select few have more money than they could spend in several lifetimes, while millions of people around the world struggle to have access to water, food, education, banking and healthcare. Join Oxfam’s Even It Up campaign, to call on world leaders to end extreme inequality.
Read more about our campaign here: https://act.oxfam.org/international/even