“One year in, and already 83 per cent of the target 127 groups are successfully established.”

July 1 2016 marks the first anniversary of the project Women and Youth Creating Their Own Economic Opportunity implemented by Oxfam and financially supported by The Red Nose Day Fund (RNDF).

The RNDF funding has supported local partners in Cambodia to develop 106 saving groups and strengthen 50 specifically focused on youth, as part of Oxfam’s Saving for Change Project. One year in, and already 83 per cent of the target 127 groups are successfully established. The project pioneers a savings-led microfinance model that is primarily focused on women and youth living in rural communities who suffer from exclusion of livelihood and economic activities. The project began in 2005 and continues to contribute to communities' financial resources, not only improving access to financial aid but empowering members to create their own economic opportunities. 

Local partners help communities to implement the tested saving group model where members contribute to saving, access loans and receive individual dividends or contribution to community projects.  The groups elect their own leadership, bylaws and collectively decide on goals to improve community development. Families in rural Cambodia, particularly farmers and those with subsistence livelihoods, are regularly affected by environmental situations that can lead to financial difficulties and this model provides a safer alternative than borrowing from local money-lenders and micro-finance institutions that can lead to further debt.

Women’s leadership, reproductive health and community-based enterprise development have been targeted through the program that also provides a platform for building relationships and support systems outside of the immediate community.

To celebrate the halfway point of the collaboration between Oxfam and RNDF, Oxfam staff took a moment to reflect on the project’s impact and have their photo taken with the famous red nose!

Text: Communications Intern Sarah Jane/Oxfam