Basket trap Fishers weekly Table Banking Meeting
CORDIO EA
Sustainable financing
We resolved the challenge of financial limitations by encouraging the fishers to join saving groups. The fishermen have formed Village Savings and Loans Associations (VSLAs) with the aim of saving part of their income and access loans with ease. We trained the groups on how to run the VSLA, also known as table banking, as well as on financial management and group dynamics and provided them with the required inputs such as record keeping books. The VSLA members hold weekly meetings, where they contribute savings and those who need loans requesting for them, clearly stating mode of repayment, use of the loan and repayment period. The fishermen are now able to cater for their daily needs during the Southeast Monsoon (SEM) season when there is no fishing due to the rough weather conditions. They spend time constructing and repairing the basket traps in preparation for the high Northeast Monsoon (NEM) season where they can go out fishing.
- The existence of a similar table banking within the Beach Management Unit (BMU) being done by women through UNEP funded project, was used as a good example as they had made significant and admirable progress. This motivated them to also form their table banking groups where they will be saving their income from fishing.
- Most of the community members engaged in small medium enterprises require ease at accessing finances to not only meet their daily needs, but also grow bigger financially, as well as save more for the future. The members had not engaged in income savings scheme hence spent all their money without retaining some for the days with low or no earning.
Sustainable Financing