Laar Meanchey Saving Group in Mean Chey Village, Srae Sangkum Commune, Kaoh Nheaek District, in Mondulkiri Province was established on 8th January 2010 with the technical support from a CEDAC’s project titled “Improving Food Security for Women and Rural Poor in Mondulkiri Province”.
There were only 12 members with the total saving capital of 170,000 riels (approximately 42.5 USD) at the beginning, but up to June 2011 there are 30 members with a total capital of 4,000,000 riels (approximately 1,000 USD). After the existence of the saving group, the group members especially the poorest families and other vulnerable families are easy to access saving and credit services, most of them borrowed money to invest in agricultural activities with the interest rate of 3 percent a month.
The members understand about the advantage of collective saving group as they have improved their cooperation and mutual-help, and at the same time it also reduces some amount of cash outflow from the village to outsiders. The elected management committee members of the saving group fulfil their roles and responsibilities effectively through the capacity building provided by CEDAC which result in a long-term sustainability of the group. In the near future, this saving group will upgrade itself to become a Village based Farmer Organization (VFO) that play very important role in Agriculture and Rural Development Activities in the village.