The Savings Accounts
Of all the community development project BeadforLife has done, our savings program is one of the most successful. In Uganda, the web of social commitments is very complex, and anyone who has money is expected to help not only their immediate family, but also sisters and brothers, nieces and nephews, and others. The beaders reported that these social demands, in addition to requests for money by husbands, made it difficult to ever accumulate savings at home.

In response, BFL researched many banks and selected one with a relatively high rate of interest. The women then designate how much they want to save at each sale, and BFL keeps that money and deposits it directly into the women's accounts. They women have the ability to make deposits or withdrawals at any time they want with their bank cards.

We have now run a 3 month pilot project with 20 women from our two groups. They women in the pilot have been delighted at the results. In just 9 rounds of savings, the group as a whole has managed to save 3,777,500 shillings - about $2160 dollars! Many women have saved additional money from their sales and deposited that as well. Our top saver now has 420,000 shillings ($240) in her account, which for women who were living on less than a dollar a day is an impressive accomplishment. Many members are now making 1000 - 3000 shillings in interest each month - a minor miracle for impoverished women who see the bank 'paying them' to save their money.

When we asked Acholi Quarter group members who else wanted to join as we expand the program, 74 out of the 76 members said they wanted to join - and the sooner the better!

We are currently signing up 15 new beader accounts each week, and will continue until all are complete. Most of the women report that they are saving for school fees for their children, or for down payments on the houses we hope to build with Habitat for Humanity.