Access to formal financial services
The increase in savings levels and growing loan needs has rendered it inevitable to link Community Managed Saving Groups (CMSG) to formal financial institutions. With this linkage groups’ savings are more secure and have access to additional funding in order to fund more developments.
Unfortunately, most of these groups are rural based where access/spread of formal financial institutions is still relatively low due to poor infrastructure. The only available option has been through use of technology riding on the vast mobile telephone network.
What we aim to achieve
Strømme Foundation East Africa is committed to promoting economic inclusion to improve livelihoods for the rural poor through enhanced income generation. Working with CMSGs, Strømme Foundation East Africa will promote access to microcredit necessary for business start-up.
Additionally, we will improve the food and nutrition security of vulnerable households through effective and sustainable business linkages with agricultural value chain actors, employment creation for women and youth.
Parents from the Community Managed Saving Groups are also encouraged to save into a group education fund which is used to support and meet the education needs of their children.