Savings Groups Cushioning Impact of COVID-19 Pandemic in Zambia

Source: Xinhua

As the world continues to face economic turmoil resulting from the COVID-19, communities in Zambia are turning to informal savings groups to cushion the impact of the pandemic.

Interviews conducted with beneficiaries and members of savings groups revealed that savings groups are providing the much-needed resources and helping a lot of households, particularly in underprivileged communities to overcome adverse effects of the COVID-19 pandemic and to venture into sustainable economic activities. Members of these groups have access to savings, credit and a social fund that they need to build resilience and enable them to respond to some crises.