To promote financial inclusion among rural women in the Federal Capital Territory, the Centre for Information Technology and Development (CITAD) and ActionAid have launched a training initiative on the Village Savings and Loan Association (VSLA) model.
The training aims to empower 40 rural women with financial literacy skills, focusing on effective savings strategies to enhance their economic stability.
Speaking at the event in Abuja, the CITAD Programme Officer, Yesmin Salako, explained.that the VSLA model is designed to help women access financial resources without traditional banking obstacles.
According to her, by participating in the training, the rural women will gain valuable insights into savings strategies, enabling them to break the cycle of poverty, build economic resilience, and create better futures for themselves and their families.
She said: “Village Saving and Loans Associations is a very strong system of saving funds. We have identified people who have speedy demand for these training and most of them have been empowered with different skills such as soap-making, how to farm in a better way, ICT and so on.
“Some have started doing several businesses, but we want to see how we can also strengthen the system where they can have local means of saving. It is good because they will have a source of livelihood and contribute their quotas to the growth of their families. An empowered woman is a pride of her family as she will be able to provide for the family without overly depending on the husband for everything.”
On her part, the Advisor for Partnership & Local Rights Programme, ActionAid, Hajara Opaluwu Adamu, said the training seeks to build women’s capacity in financial management, specifically in tracking loans, managing social funds, and forming cooperatives, to leverage government loans and support.
She said: “This training is for our rural community women on village savings and loans. For over 15 years, we have been working in these communities, and accessing loans has been challenging for women. In our society, women often lack collateral, which banks require. VSLA allows women to pool money together and access funds collectively without those obstacles.
“VSLA is a way for women to come together, pool resources, and access funds that otherwise might be out of reach. Collateral requirements have always been a barrier for women, and this approach removes that challenge.
“The training also emphasises record-keeping within VSLA groups. Only one out of more than 20 communities currently has formalised record-keeping, like passbooks. Others contribute but without structure. Our goal is to improve these practices to help them track loans, manage social funds, and potentially form cooperatives for easier loan access from the government.
“Some people have already started these savings practices in their communities, but we encourage structured record-keeping. Out of more than 20 communities, only one uses passbooks, and the rest lack structured contributions. ActionAid aims to help all communities reach that level and keep good records, so they can ultimately access larger funds.
“I feel most of the time, especially in our contemporary Nigeria, women are left behind. There should be a way government can reduce collateral requirements for women in terms of loan access. We live in a society where men dominate the financial landscape. Lowering collateral demands would empower women economically.”
