The founder and president of the People United for Progress Saving Club (PUPSC), Lewis S.W. Pyne Sr., has urged small business operators in the country to take advantage of saving clubs, explaining that such clubs would help improve their livelihood. He said that it is easier to receive loans from a club than a bank.
The purpose of a saving club is to empower low income earners, Mr. Payne said, helping them to save a small portion of their income; so that at the end of the year they can realize just how much they have saved.
Speaking on creating shares in the club to enable members have their own capital stock from the sales of the shares they receive, the PUPSC president said that such shares could be used for the importation and exportation of commodities.
He said the club is about to train and teach PUPSAC members on how to manage their funds wisely, in order to expand and improve their respective businesses.
“Currently, the club has 375 members and by 2015 we will be able to establish four branches across Monrovia, including a few others at Day Break Mouth Open, Barnesville, Caldwell, Red Light and Duala repectively.”
“We started as a yearly Susu Club and now we have over three branches in Montserrado County already,” Mr. Pyne said.
Susu Clubs are a traditional form of banking system widely used in Liberia and mostly by low-income earners, many of whom run small and medium size businesses.
The Central Bank of Liberia (CBL) is now asking the PUPSC to improve its status and develop into a combination that include several other banking entities, after which the PUPSC will become a registered entity entitled to benefits from the CBL, Mr. Payne said.
Speaking also at the ceremony was PUPSC controller, Deacon Isaiah G. Martin, who says that the club is giving out quarterly loans, in order to empower young Liberian entrepreneurs. Borrowers are, however, required to pay back the money in three months, with a very minimal interest rate, he said.
Deacon Martin stated that if the country is to develop, everyone Liberian must get prepared for change.
The People United for Progress Saving Club, which was established in August 2004, is located in Clara Town, a suburb of Monrovia.