Improving Children Saving Culture

Basically, savings is a problem in Nigeria and most parents find it difficult to form the habit of saving. In most of the cases, people belief they are not making enough not to talk of saving the little they have.

This trend was broken by a set of children who found meaning by seeing their parents contribute money in VSLAs. They decided to mimic the elders by improvising their own VSLA box, passbook, recording system, meeting days among other things. The name of the group is Maitaimako Children’s VSLA Ngarawo Ribadu Fufore LGA. Members comprises Children from ages 1-18yrs and before they started, they had to understudy the adult version of the groups to understand the working procedure. The VSLA is made up of 33 members with a share value of 10 naira and a maximum permissible share purchase of 200 naira. They were able to save 12,289 naira in 16 weeks.  In an interview with the Chairperson Fadimatu A. Aliyu, she said they decided to start the VSLA in a bid to emulate their parents who were all members of VSLA in the community and to also have a way of saving the money. They get money from petty trading and gifts. The group hope to advance into more organized VSLA. They are planning to continue saving and to invest their money in some kind of business.

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