Successful Saving in Malawi
Each time I visit Africa I am reminded of the power of building on the traditional methodologies that women in communities have used for centuries to save small amounts of money in contexts where they have no access to formal banking and/or credit. Formerly known as table banking, tontines, etc. these methodologies are being refined and reintroduced in many FRB funded communities. Savings and Internal Lending Committees (SILCs) and Village Savings and Lending (VSLs) are some of the new names for the similar methodologies that are spreading rapidly, affirming that people adopt practices they see as beneficial.