Becoming village bank tycoons

MS Elizabeth Zulu (right) at a stand in Chaisa Market, where she sells second-hand clothes, a business she started after joining a village bank group.

FOR some months, I had been hearing glorious stories about how lucrative joining a village banking group was from friends and workmates.
In fact, I had seen how financially stable some of them had become after they joined a village banking group.
After several attempts by my workmates to recruit me into their group, I eventually gave in and joined one.
Of course I had my doubts and fears about how the financial concept works, and how secure it is, and I needed to be sure before joining.
But on face value, the informal village banking looked like the best way to access cheap loans.
Commercial bank rates go as high as 32.2 percent. Compare that with 10 percent demanded in a village bank.http://epaper.daily-mail.co.zm/

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