Bhutan Association of Women Entrepreneurs’ (BAOWE) microfinance programme inculcates saving culture among villagers in Bongo. In just a year, some villagers in Bongo saved close to Nu 500,000 each.
Officials from BAOWE said many new saving accounts are opened with the association till date. More than seventy individuals from Bongo, Damji, Ketokha, Jungley and Phasuma opened a savings account with BAOWE in just two days last week. Some 80 people from Bongo and Phasuma opened an account with the association last year.
“Our country has developed so much. We have neither seen such facilities before nor heard of it. I am happy that I am a part of it now. I try, by any means, deposit Nu 200 to Nu 300 monthly hoping it will benefit me someday,” said Phuntsho Lhamo from Bongo.
“This programme is interesting. Although I am not able to save a huge amount, I am trying to save meagre amount monthly. I am going to keep saving because it is going to benefit me in future,” added Choni Om.
BAOWE has appointed a person from the village to collect the money and maintain accounts. The money is then deposited in an account maintained with the Bhutan Development Bank. An individual gets six per cent interest rate and can also avail loan of up to Nu 500,000. The account holders can also withdraw money anytime they want through a village representative.
Today BAWOE has established this service in 11 dzongkhags with more than a thousand account holders across the country. In Chhukha, the program is a joint initiative with the economic development sector of the Dzongkhag.
BAOWE is a non-governmental organization that works towards developing a social-consciousness-driven private sector, empowering women and girls economically to reduce poverty, and promoting self-reliance, and business from a GNH perspective.
Sonam Penjor
