In Sub-Saharan Africa, women are monetarily disadvantaged compared to men. Customs, beliefs and cultural norms limit women’s' capacity to inherit land and contribute to increase gender gaps in the quality and size of possessed farmland. For this reasons they have been restrain in getting credit facility from the bank since they don't have collateral, unlike their male partners. This type of challenge made rural women to form credit association, for example, The Village Savings and Loan Associations and Daily Contribution associations to empower themselves. This study examined the "Ossamala" Women's Group in Ogbaru in the South East area of Nigeria. Majority of the members (over 93%) are smallholder farmers. They make regular membership contributions, a social fund contributions and records are kept and the monies kept in a 'Money-box', which is opened at a concurred time. Members get their monies according to the sum contributed and the social fund is utilized to buy farm implements and inputs for individuals. This paper investigates the viability of this 'Money-box' model as a method for women pooling their resources together to help their business. 150 members and administrators of the group were interviewed using key informant interview and Focus Group Discussions. Majority of the respondents acknowledged that the fund helped them in their cultivating business. Efforts should be geared towards leasing with financial institutions and insurance agencies to help in giving fund and insurance, which will help in changing the novel procedure and make it increasingly beneficial.
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In-Text Citation: (Muogbo & Eze, 2019)
To Cite this Article: Muogbo, U. S., & Eze, S. U. (2019). Innovations in Women Saving Behaviour and Business Support: ‘The Money Box Model’. International Journal of Academic Research in Business and Social Sciences, 9(12), 130–139.
Copyright: © 2019 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
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