Stock Savings for Cocoa Farm
12 Mar 2019
Most people make the habit of saving money, but not for Nurianti. This mother of four children did not use to do the saving, especially to save her monthly income, until she joins VSLA (Village Saving Loan Accumulating) as one of the implementations of Cocoa Life program in Pinrang Regency, South Sulawesi Province.
Nurianti has been joining VSLA Sipakamase in Sipatuo Village, Pinrang, South Sulawesi since early 2018. She is in charge of counting money in VSLA Sipakamase. She and 16 other members (3 male and 14 female) usually gather on Friday to buy stocks or take the loan. In this group, every member can buy five stocks for a maximum in each meeting with the price of IDR 10,000 per stocks.
Each member can take the loan twice the number of his/her stock. If the borrower has 5 stocks, it means she/he only can get IDR 100,000 for a loan. The loan will be given at the third meeting.
The borrower should pay 2 percent of interest within 4 months. If they cannot pay it on time, they have to pay IDR 500 for fine per month. The members also must pay social fund IDR 2,000 per each meeting. The fund can be used for social sudden needs.
The VSLA takes place in one cycle. It runs for several months per cycle and VSLA Sipakamase is now on the second cycle. Different from the first one which applied manual way to record the cash flow, now the member of VSLA Sipakamase can count the stocks or money and check the cash flow easier than before. They use a VSLA online application where they see all the data.
“We are allocating the loan only for buying fertilizer or disinfectant. VSLA members can buy half-price fertilizer from the fertilizer seller who is also the member of the group,” she explained.
“I didn’t know how to save money. I used to love shopping. I did savings if there was money left,” said Nuriati.
Nurianti and the other VSLA’s members have got not only financial management training facilitated by Cocoa Life program but also Community Action Plan, children rights socialization, public speaking, leadership training, and also training for experiencing development planning forum.
Written by: Putri ianne Barus, Field Communication Officer Wahana Visi Indonesia
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