Iringa Hope, our Bega Kwa Bega affiliated ministry partner, has created a powerful way for our brothers and sisters in Tanzania to invest their modest resources cooperatively into their communities and create real transformation in the process. Using the model of “micro-financing,” similar to the savings & loans systems that pre-existed modern banking, local cooperatives trained and supported by Iringa Hope are providing the financial services that are lacking in the mostly rural areas of central Tanzania.
These are called “SACCOS,” or Savings and Credit Cooperative Societies. Iringa Hope SACCOS are all locally owned and managed. They belong to an umbrella organization called the Iringa Hope Joint SACCOS. This organization provides training, education, and oversight of the local SACCOS. Iringa Hope maintains an excellent record of financial management with 100% of the village-based coops passing their annual audits, receiving the highest ratings by the Tanzanian Cooperative Society Board, and with over 98% of all loans repaid.
As we think about the Parable of the Talents that was featured in worship yesterday, it’s not hard to draw direct line from God’s vision as described in the parable to the work of Iringa Hope. The individual community members get to decide which projects to invest their pooled savings into. And they’re track record of returns are certainly impressive.
Over 5 years a $500 loan will generate $4,980 in family income. This could pay for 7 years of secondary school. It might allow the family to upgrade or build a new home. It would certainly improve family nutrition and health. At the end of 5 years, there is now $605 in additional loan capital, the interest has paid for $225 in training classes, and the family has $190 in savings.
If the lesson we’re to hear in the parable of the talents hold true, multiplying what God has first given us, Iringa Hope is delivering in spades. What a fantastic witness to the good news of God story at work in the world. Click here to learn more about the wonderful programs underway with Iringa Hope.
May God’s hope embrace you today. -Pastor Peter
Let us pray… God, you call us to multiply the love you have first given us. Give us the courage to face our fears and the wisdom to make wise choices so that even more of your vision might be made real. Amen.