Mobile Banking helps Savings Group in Ecuador
Meet a savings group of hardworking farmers from the province of Chimborazo, in San Vicent, Ecuador.
They are a humble people, very hardworking; always concerned for the well-being of their families. Currently they are focused on the cultivation of onions, broccoli, and potatoes, and animal husbandry; all activities with which they support the expenses of their households.
María Rosa (60 years), Duchi Lata (37 years), Lata Yaucen (55 years) and Duchi Morocho (28 years) are all microfinance clients of VisionFund Ecuador, in different loan cycles.
They had no experience of microfinance before they met VisionFund and recall how they had been quite nervous when filling out documents to apply for a loan.
One of their first loans of $500 had been for the purchase of a motorcycle, and ever since, they have taken out many loans for various business activities. They had had no financial education at the time, but with financial and other training provided by VisionFund they are now fully equipped for the better management of resources. They have savings books with which to save their earnings every time they sell their products and are very happy with the services received.
In addition to the savings books, the younger group members use the mobile banking service on their phones, with which they can pay for basic services and make any transactions that they wish to carry out from their homes or workplaces. They are very happy with this service as it saves them time and money. The group shares that they will continue to save, and if possible they will start investing as a thank you for the support that the institution provides.
In the photo above, the younger members of the group instruct their older peers on how to use the mobile banking platform to make transactions.
Finally, the group states: "We thank God and the institution Banco VisionFund Ecuador, for having trusted us and granted the credit. Because of this trust, we were able to improve our income and thus continue to improve the quality of life of our families."
Story by: Juan Carlos Yautibug Naranjo, VisionFund Ecuador