One of InterCurrency’s social contribution lies in the development and nurturing of a savings culture among the communities with which it works. Just like planting a seed or seedling, nurturing it and seeing it grow into a big tree and benefiting from its fruits or enjoying the shade thereof, InterCurrency has the conviction that sustainable progress is best achieved through personal initiative.
Even though bank loans and micro credit/microfinance continues to play an important role especially when it comes to business expansion, many of the successful start-ups trace their origin to personal savings and/or inputs from friends/family. The merits of saving prior to borrowing for investment or major expenditures include:
1. Stronger drive to succeed in the venture being invested in (to efficiently spend) since one would not like losing the money he or she struggled to save.
2. High interest rates charged by most of the mainstream commercial banks can be avoided hence securing the peace of mind needed to manage a start-up.
3. Alternative source of collateral in form of group security based on a person’s credit worthiness as assessed by his or her social network contacts.
For these and other reasons, you are cordially invited to join one of the savings and credit groups coordinated by InterCurrency.