Our knitting Moms and their families; Syrian refugees or local families, are often at the mercy of unexpected expenses at the end of the month or struggling with the irregularity of revenues throughout the year.
The lack of savings is a major cause of financial insecurity for those households and makes them extremely vulnerable to the risk of financial exclusion.
The depletion of savings of refugee households has been exacerbated by the long-term nature of the ‘temporary protection of refugees’ in Turkey and by the fact that only since January 2016 Syrian refugees have been legally allowed to obtain work permits.
With my dear friend Sandrine Ramboux and her team from Jana we offer to our workers the possibility of receiving a free financial literacy training and to participate in small savings groups.
So that a small part of their income can be put to a safe or at the bank to grow slowly and constitute savings. The participants in the group can also loan to one another helping them to face unexpected expenses or even help to finance a small project.
Our objective with this project is to support low-income families in savings efforts, to promote financial literacy, financial inclusion and in in the long run development of micro-entrepreneurship. It is an essential component to provide those communities with a better livelihood.
This program is organized by Jana and founded by ACAF (Association of Self Founded Communities) and EBRD (European Bank for Reconstruction and Development