WFDF microfinance releases 4b kip for women and families
WFDF microfinance releases 4b kip for women and families
The Women and Family Development Deposit-Taking Microfinance Institution, commonly known as the (WFDF), has issued low interest loans worth over 4 billion kip to its members over the past five years.
The majority of its loans are targeted at family business operations as well as agriculture production and livestock breeding enterprises.
The figure of loans was released last week at the institution's 5th anniversary of the partnership project between the Lao Women's Union (LWU) and the Savings Banks Foundation for International Cooperation (SBFIC) in Vientiane.
Speaking at the ceremony, President of the LWU Ms Sisay Leudethmounsone said currently the Women and Family Development Deposit-Taking Microfinance Institution offers services in six districts of three provinces, comprising Hadxaifong and Xaysettha districts in Vientiane; Thaphabath and Borikhan districts in Borikhamxay province; and Phonhong and Sanakham districts in Vientiane province.
These cover 80 villages and 109 groups with a total of 3,868 members and the institution has over 4.1 billion in deposit money.
From 2009 to 2014, the Women and Family Development Deposit-Taking Microfinance Institution has issued over 4 billion kip to its 1,409 members for spending in their business operations and agricultural production and livestock breeding, according to their capacity and circumstances, she said.
Ms Sisay said most members used borrowing money to expand their rice field areas, breed animals, plant vegetables and mushrooms, weave silk, produce handicraft items, and operate small businesses.
“This creates jobs for women so that they will have more income for their families and use it in necessary situations,” she added.
Herewith, it gave them opportunities to access deposit-taking services and loans with appropriate loan rates. This will help them avoid borrowing money with high interest from predatory lenders, Ms Sisay said.
The Women and Family Development Fund (WFDF) of the Lao Women's Union (LWU) was established in 2009 with the support of the Savings Banks Foundation for International Cooperation (SBFIC).
The vision of the WFDF is to become a leading provider of financial services to low income women and their families in Laos. Based on its roots in the LWU, the aim is to combine social responsibility as well as the professional excellence of its staff and at the same time be a model of best practice microfinance institution.
The organisation is a partner in the regional microfinance network set up by the Savings Banks Foundation, comprising microfinance institutions in Vietnam, Cambodia, the Philippines and Myanmar.
In the near future the organisation will increase its outreach by providing access to basic financial services through new outlets to be established in rural and underserviced areas of Laos.
WFDF is licensed with the Bank of Lao PDR as a Deposit-Taking Microfinance Institution to ensure full compliance with the current microfinance legislation.
