A Catholic Workers Savings and Loan Association is a group of 10-20 people who regularly save together and give out small loans from those savings.
CW-SLA main principles:
1. The group decides together about new member who want to join in. This group must be composed of members who trust in each other. They should be able to meet regularly and pay a minimum amount into the group found.
2. A group has a 5-person management committee elected for one cycle (1 year). This management committee takes on the whole administration of the group.
3. A group receives training from a CW Trainer for a period of time. Thereafter, the group takes whole responsibility of its affairs and the trainer only gives accompaniment to them.
4. All transactions are performed at Meetings in front of all Members, so that every member is always aware about all the transactions performed in every meeting.
Who should join a CW-SLA?
CWM Members forming a CW SLA group should fulfil the following Criteria:
• Know each other and be from a similar economic background
• Don’t live too far from where the meetings will be held
• Have a reputation for Honesty and reliability
• Be able to attend all meetings and attend them on time
• Follow the rules
• Have a cooperative personality (someone who is known to create conflict should probably not join)
• Be able to pay a minimum amount into the group font
• Be able to repay loans on time
• There should only be one member from the same household (it is better if members from the same household join different CW-SLA´s)
Status of CW-SLA as of 31st March 2020
We currently have 222 CW-Savings and Loan Associations with 3,660 members, we have experienced an increase of 129 members since the last quarter of 201912.
The current average savings per individual member has increased from 356,389 to 435,735 and this is because most groups are about to share out with the following results by diocese:
Savings per Diocese:
|Diocese||Per member average Savings||Total number of members||Total number of groups|
Written by CWM-Uganda.