The Path to Financial Security
Written by staff: Jenneh Faith Samai & Muje Josephine Belmoh
Lucy Baion, a 30-year-old farmer and single parent of three, lives in the small farming village of Grima in Kailahun district, Eastern Sierra Leone. Grima has a population of about 1,000 inhabitants who mainly support themselves through subsistence farming and cocoa production. Before working with OneVillage Partners, Lucy had virtually no knowledge of how to manage finances. She didn’t know how to save money and had no resources for emergencies and unexpected events. She was shy, hesitant to speak in public and was not involved in any community activities. Lucy supported herself and her children by working odd jobs for others, borrowing money, and selling her property. She often worried about providing for her children’s education and being cheated by her employers on her wages. She was chastised publicly by her creditors for not paying back money. Lucy was living day to day, with no steady income and no financial plan for the future.
In 2016, OneVillage Partners introduced the Nurturing Opportunities for Women (NOW) Program, a financial management curriculum. Lucy was selected to participate and learned about strategic saving and budgeting. The NOW program taught her when to sell her farming products to increase her earnings and how to save. She started saving for emergencies and kept this money in a locked metal box with a hidden key. Additionally, Lucy joined 31 other NOW participants to form a savings group that set up a fund to provide loans. The women grew the fund over time by investing in a fish selling business. Lucy and her NOW colleagues were on their way to financial security.
At first, it was very difficult for Lucy to save money, she was the family’s sole provider and found it difficult to put money aside. Lucy was determined to make this change for her family and looked for support. Inspired by another NOW participant, Massah Sao, who had financed her small trading business using the skills she’d learned in the NOW Program, Lucy pushed forward. “If Massah was successful in her business and could save, I could do it too,” Lucy said. Lucy cut down on her food and clothing expenses and saved Le 20,000 ($2.50) per week from her small trading business and her agricultural activities. Remarkably, she also managed to contribute to the NOW savings group. Despite the difficulty of starting a new habit, she persevered to make savings a routine part of her life.
With her savings, Lucy started taking care of her children’s education, medical bills, and household needs. Her initial success increased her confidence and she decided to begin farming commercially to boost her earning power. Additionally, she bought a drum of palm oil with the intention of reserving it until its market value was highest. Lucy’s savings from these new income-generating activities allowed her to rebuild her house and outdoor kitchen which was seriously damaged in a rain storm in 2019.
““My savings rescued me from disgrace and helped me respond to the storm incidents that happened to me.””
Additionally, Lucy’s involvement in the NOW Savings Group benefited not only herself, but also the broader community. The group has raised Le 5,500,000 ($687.50) in its three and half years of operation. They’ve contributed to construction of a community meeting place and continue to provide loans to community members, especially women aiming to start their own business.
Notwithstanding Lucy’s many accomplishments, she encountered challenges as well. After Lucy used some savings to make repairs to her house and kitchen, an unexpected tuition fee popped up, followed by an emergency medical bill. Lucy did not have enough saved to address all of these issues within the same week. Lucy decided to sell a portion of the rice she had stored to cover some of the unexpected costs and still keep cash in her household savings. Lucy could respond to the unplanned events because of the steps she had taken to financially prepare her and her family.
Lucy has made remarkable progress since joining the NOW program. She’s generated more income with her additional business activities while overcoming unexpected challenges, clearly demonstrating her understanding of the importance of saving. With deep satisfaction, Lucy acclaimed, “with savings, I have become more responsible and respected by my family members and friends.” Lucy continues to work with the women from the NOW cohort to improve financial management skills, as well as foster unity and communication among Grima’s women. “I encourage women who are not part of a group to join one,” Lucy said.
““With teamwork everyone can achieve more. Unity is strength.””