Otelo savings club into business

Otelo savings club in the Reef Islands, Temotu Province, is venturing into business. The club, which World Vision helped to establish in 2012 under its Community Economic Project (CED), now owns a fuel business and a shop at Otelo village.

The club is one of 19 savings club established in the Reef Islands and Santa Cruz Island under the CED project. The project, which has a savings and marketing component, is supported by the Australian Government. The aim of the project is to help raise the economic capacity of parents and caregivers so they can provide for their children.

Chairlady of the club, Agnes Tepule, 54, says their 25-member club is dominated by women and this year marks their club’s fourth circle or fourth year. After a circle, the club will return what members save and any profit the club generates from fines and investments will be shared among members.

She says their club has enabled members to save, unlike the past and has provided members easy access to money, through loans and has helped to cater for their needs and plans.

Agnes, mother of five children, says that by using the club’s social and loan fund, members are now able to support their children’s health and education. She says most members borrow money from the club to do small business activities – such as setting up markets. Their main market venue is the Nyialo wharf and the Health Centre.

"Before, we hardly kept our money. We just used anything we earned anytime. Now, we save our money for the right time and use,” Agnes says. She says saving in the club means members can’t get what they drop in the box unless they appealed for a loan.

Agnes says now members feel secured knowing that they have a place to tap for money when they need it. The club meets monthly and to date has saved about SBD $20,000.