CuM'gar District (Dak Lak): Promoting savings through Savings & Loan Groups

People in Cu M'gar district still face many difficulties, but with the mobilization and propaganda, the awareness of saving among residents through Savings & Loan groups is increasing, paying interest on loans and saving every month creates a habit of saving money, not causing financial pressure on households. The amount of money deposited is small but brings long-term benefits.

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Saving money is a useful and important lifestyle in everyone's daily life. However, to promote effective saving habits, raising people's awareness and saving actions, promoting saving effectively, the role of each individual in building a solid saving community. Promoting saving is an important tool to spread the message and educate the community about the importance of saving. It helps people to be more aware and understand financial issues, thereby motivating them to change their consumption and investment habits appropriately.

Disseminate information about credit policies and preferential regimes of the State to the people.

As usual, on the 17th of every month, members of the Savings & Loan Group of Sah A village, Ea Tul commune, Cu Mgar district, come to the community house to pay interest on loans and deposit savings through the Savings & Loan Group of the district's Social Policy Bank, as well as listen to some popular propaganda content about credit policies and preferential regimes of the State.

Maintaining the habit of depositing savings through the Savings and Loan Group for many years, every month Mr. Y Phor Kđoh saves from 100,000 to 500,000 VND to deposit savings, both to prevent risks and to create a source of accumulation. Mr. Y Phor said that thanks to the propaganda and mobilization of the Management Board of the Savings and Loan Group and bank staff, he has tried to save money for more than 4 years now. He shared more: “My family used to have a hard time, the loan from the District Social Policy Bank helped me have a more stable life. Every month, my family saves money. I think this is a meaningful thing to do, if we maintain it like this, when it comes time to pay off the principal, my family will save a significant amount of money.”

Sah A village, Ea Tul commune has 4 Savings & Loan groups managed by the Women's Union of the commune, operating on trust with a total outstanding loan balance of the Social Policy Bank's loan programs in the village of 7,675 million VND with 227 members having outstanding loans. The savings balance of members of the Savings & Loan group in Sah A village is 648 million VND with 97% of members having outstanding loans participating in savings.

According to Ms. H Won Nie, Chairwoman of the Ea Tul Commune Women's Union: "There are families who have maintained savings for many years, and by the time the principal is paid, they have saved tens of millions of dong. It is not easy to have such a savings amount, because the members of the group are all poor families. However, the Union and the Group Management Board have continuously promoted and mobilized people to participate for many years, families with a little extra money contribute more, households with more difficulties contribute less. All the money that people save is made public at meetings."

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Mr. Y Sep Nie, Deputy Director of the Transaction Office of the Social Policy Bank of Cu Mgar District, said: “Although people in the district still face many difficulties, with the mobilization and propaganda, the awareness of saving among residents through Savings & Loan groups is increasing. The rate of customers participating in saving is 94%. The amount of savings depends on the economic capacity of each group member, agreed by the members in the operating convention of the Savings & Loan group, paying interest on loans and saving each month creates a habit of saving money, not causing financial pressure on households. The amount of savings is small but brings long-term benefits”.

The activity of depositing savings into the Social Policy Bank demonstrates profound humanity, while mobilizing idle capital from the people, mobilizing deposits through organizations and residents in the area, both creating additional income for depositors and helping the Social Policy Bank have more capital to serve lending in the area.

Khanh Phuoc

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