The community bank has been a game changer for Rosa Konye in Mpasu village in the southern Province of Zambia. 64-year-old Rosa has relied on gardening as her main source of income for the past 30 years. During those 30 years, the scope of her gardening was limited, and she struggled to expand her operation due to lack of affordable loans in the village. Now, things are changing. After taking out a loan from the Mpasu Community Bank, Rosa has been able to level up her garden AND start a new fish selling business. For her, these business ventures generate more income than ever, allowing her to send her grandchildren to school.
During Mpasu’s first loan period, Rosa borrowed K 1,700 ($60). Rosa chose to borrow from the community bank rather than an outside organization because the interest rate (10% monthly) is far lower than what outside organizations offer (typically 20-30% monthly). Additionally, Rosa sees borrowing from the Community Bank as important to Mpasu’s community development since all interest generated funds future development projects.
With her first loan, Rosa bought more seeds and fertilizer for her garden and bought fish in bulk to sell to other community members in the village. Both were profitable ventures for her. Specifically, she was excited about having greater crop yields in her garden. She shared that, “Once a week, I harvest vegetables from my garden and send my grandchildren to market to sell them. They sell everything and make at least K 400 ($14). This is a great improvement.”
Rosa comfortably paid back her first loan. Now, encouraged by her success, she borrowed K 3,000 ($107) during the second loan period. She’s using this loan to continue increasing the scope of her garden and fish business.
Increasing her monthly profits has led to dramatic improvements in Rosa’s life. Now she can buy additional food for herself and her family, ensuring everyone eats regular meals. Additionally, her profits allowed her to set money aside to support her grandchildren’s education. She bought the uniforms and books required for them to attend Siyowi Primary School. For her, loans from the Community Bank have opened new doors, allowing her to improve the well-being of her family and help invest in their future. Rosa also believes that the Community Bank is a powerful tool to drive change in Mpasu, especially for women. She said, “I am encouraging other women to continue borrowing from the Community Bank and to pay back their loans. This is part of development in Mpasu.”
Written by Stella Potemkin
