To encourage financial education from an early age, So They Can is supporting schools to set-up student-led savings groups. These groups, Youth Savings and Loans Associations (YSLA), provide a practical learning environment for children to develop financial literacy, savings habits, and a sense of responsibility towards managing their finances. In July 2024, 30 participants including teachers (6), parents (12) and Champions (12) from 6 of our primary schools participated in Train-the-Trainer sessions over 5 days.

YSLA is an adaptation of the widely adopted Village Savings and Loans Association (VSLA).  The YSLA model focuses on self-managed youth groups, with no access to formal banking institutions. The YSLA provides its members a safe place to save their money and access group loans. The ideal number for a YSLA is 10-30 children.

‘In my community, most men, including myself, have shown little interest in joining savings groups due to their lack of understanding about the management, structure, and function. However, this training showed me the numerous advantages of these groups, especially for parents of school-aged children. I now realise that I can access loans from a group to ensure timely school fee payments’.

— Jackson, father of 4, Gallapo Primary School YSLA Trainee.

---

Trainees had the chance to apply their new knowledge and skills. As part of the training they supported 38 Gallapo Primary School students from grades 5-7 to form their own YSLA and agree on how it would operate. Students named their group, Muungano (which means unity in Kiswahili). The group will meet at 3.30pm every Friday at school. They agreed to set the share price at TZS 200, and allow up to 5 shares to be bought every week by each member.

---

‘I have learned that honesty and openness are crucial in group management. It’s important for members, not just leaders, to create the group’s rules. This training has shown me that groups can elect leaders and establish fair guidelines, empowering members to access loans and benefit from their collective efforts.’

— Zulfa, Champion Mother, Orng’adida Primary School YSLA Trainee.

---

‘Following the training, I will share what I have learnt with my Head Teacher. Then, I will engage parents to inform them about the advantages of savings groups for their children. And then I will guide students in establishing and efficiently managing their own groups. I think that this knowledge will foster independence, enabling them to purchase essential items like exercise books, pens, and clothes without solely relying on their parents.’

— Lightness, Teacher, Endakiso Primary School YSLA Trainee.

---

All of the trainees will be setting up savings groups in their school communities for students to gain important hands-on experience in managing money.