Home Business-newBusiness Yokdzonot women are empowered with savings account

Yokdzonot women are empowered with savings account

by Yucatan Times
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Artisans and inhabitants of Yokdzonot, a community in the municipality of Yaxkabá, have a new tool that allows them to have resources to attend to an emergency or, where appropriate, to invest in a business. 

Thanks to the Savings Banks promoted by the Social Projects Unit of the Autonomous University of Yucatán (UADY) , in conjunction with the WK Kellogg Foundation, women in this population can save their money safely and then request a loan to attend some difficulty.

The president of the Yokdzonot Hu Savings Group, Reyna Mukul Chan, explained that this tool helps them stay organized in their finances, as well as know, invest, or allocate their resources appropriately and be responsible both in their time and in payment of the loans, they may request.

Social savings banks

“Sometimes some of us need money, we ask for a cash loan and we use that for emergencies, to treat some illnesses, to pay debts, to start a small business or invest in what they already have and these savings help us a lot,” he added.

He explained that every 15 days the members of the group meet to hold savings sessions, where the purchase of shares is allowed, “each share has a cost of 20 pesos and we are allowed to buy up to five shares, that is, save up to 100 pesos ”.

Some of the beneficiaries highlighted that being part of this fund has allowed them to bring a little more money home, in addition to the fact that they liked this system more than others in which they have participated.

In turn, the representative of Artisants (ATA) and advisor to this type of group, Rosario Cohuo Huchim, mentioned that these projects are under the Local Savings and Credit Associations (ALAC) methodology, where they are taught how to generate capital. that will allow them to provide money loans to their members, in addition to other benefits.

“Each savings cycle lasts from nine months to a year, in addition to savings, what is lent has a profit, since a small interest is charged. At the end of the year, those profits are also given to the people who participate in the group. According to the experience we have, 80 percent of the money is used to invest in productive activities, while the remaining 20 percent is used for health, education or housing improvements,” she indicated.

“Currently, in synergy with the UADY, four savings banks have been set up in Yaxkabá in which at least 60 people participate; however, they hope to be able to replicate it in other municipalities where this study house carries out university social projects”, Cohuo Huchim continued.

“The truth is that I was quite surprised by how, after one session, the artisans have acquired this learning. At first, there was fear of not knowing if they were going to get their money back or not, but with the passage of time the vision of the community has changed,” she concluded.

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