Tullamore Credit Union leaves an anniversary legacy in Ethiopia
Supporting rural poor women in Africa with small loans is one of the lasting legacies that Tullamore Credit Union will leave on foot of their 60th anniversary celebrations in April 2023.
The local credit union recently awarded €10,000, on behalf of its members, to two community-based savings and credit associations being supported by Self Help Africa in Ethiopia. These organisations help provide small loans to hundreds of local women.
Tullamore Credit Union is the fifth largest community-based credit union in Ireland and has long recognised and harnessed the power of people helping people.
Self Help Africa has been working with Savings and Credit Co-operatives (SACCOs) in Ethiopia for over 25 years, and has helped to create hundreds of community-based savings and loans groups, with members totalling upwards of 90,000, across the country. In a region where most rural poor households do not have bank accounts, the SACCO networks provide a vital source of credit to local people.
The SACCO networks encourage members to accumulate savings, and provide thousands of loans each year to support small-scale income generating activities. Upwards of 65% of the membership of savings and credit groups working with Self Help Africa are women.
Clara-born Self Help Africa fundraiser Ronan Scully said that the credit union movement in Ireland has been an amazing source of support for the organisation’s work, and that CU members understood the value of providing people with a means to save, as well as access to small loans to develop their small farms and establish small businesses.
“Loans of as little as €70 or €80 can make all the difference. You see women buying and fattening calves, establishing poultry businesses or even creating small shops in their community thanks to loans that they receive from their local SACCO,” he said.
Self Help Africa is one of Ireland’s oldest development organisations, and is the official charity of the Irish Farmers Association.