FSAs are a significant piece of World Concern’s work. They embody and provide a clear example of our desire: to empower people to live a life of hope, opportunity, and dignity – with the goal that they will in turn empower those around them. To summarize: FSA’s ROCK.
If you haven’t heard of an FSA, you’ve most likely heard of a Village Bank. Let me break it down for you…
FSAs operate in un-banked rural communities who cannot afford the services provided by the mainstream financial institutions due to distance, infrastructure, economic capacity, and lack of knowledge. They run at the community level and are owned and managed by community members who buy shares.
FSAs are wholly owned by the shareholders who have voting rights and ultimate decision-making authority. [This is my favorite part.]
FSAs help alleviate poverty by providing individuals with a safe place to save their money (prior to joining an FSA, members often have no choice but to hide money in their thatch roofs – leaving them, and their savings, in an extremely vulnerable position).
FSAs offer cost effective and accessible financial services to the share owners (such as loans and a variety of micro-credit opportunities).
World Concern has over 9 FSAs in Kenya alone.
Rather than continuing to talk numbers (though very important, let’s be honest, they are not my forte), check out some of World Concern’s FSA beneficiaries in Sogoo, Kenya by viewing the video and photos below.
These are examples of the transforming impact of promoting community ownership and responsibility.
It’s an honor to introduce you to Alfred, his wife Lily, and their youngest son Gilbert. And their cows.
Now a lil’ word from Alfred and Gilbert. And the cows…