Families in Bowe village in Malawi used to have only one option for accessing capital: loan sharks.
These loans came with high interest rates that were nearly impossible to repay, trapping many unsuspecting people in a cycle of poverty. When borrowers couldn’t make their payments, they’d have to turn over land, a significant asset, to cover their debt. Sadly, this kind of predatory lending is common in communities where banks are too far away or people don’t qualify for traditional loans or savings accounts.
After years of seeing neighbors fall into debt, the community ached for a better way.
“I used to struggle with financial difficulties with my husband. This resulted in us always being stressed, worried, and uncertain about the future,” says one community member named Dorica.
So, she and several brave women (pictured above) took a step of faith.
