2 billion people worldwide have no access to financial services, such as a checking account, or credit card, and have no safe place for their savings. And access to investment capital is non-existent. Breaking the cycle of poverty requires investment, of financial knowledge and money itself. VillageWorx fills the gap for the most vulnerable.
VillageWorx trains people in “table banking”, a simple community savings and loan system that is making a big difference in the lives of families in rural Zimbabwe. Members gather monthly to pool their money in a fund from which they can then borrow. The money is paid back with interest, causing the fund to grow. Table banking offers those who have little income and virtually no access to banks or loans the ability to save and to borrow funds to start small income-generating projects or to meet unexpected needs.
Microfinance and Microloans
Traditionally, microfinance has occurred in developing countries where, for example, a farmer gets a $100 loan to buy some cows so as to become self- sufficient. That’s microfinance. At VillageWorx, we want to take that a step further. Entrepreneurs, who spur economic growth in a society, are not lacking in Zimbabwe, however, access to capital is. Identifying, working with and investing in these businesses will spur economic growth, not just for a family, but for an entire village. The goal is that entire villages will be transformed as the potential of the Zimbabwean people is unleashed.