Raffle winners during the culmination of savings mobilization campaign
Bawa Yay Thauk Myit Cooperative introduced its savings mobilization program last November 2016, offering regular savings and time deposit savings products to its members. Members can deposit their money to the cooperative for safekeeping, earning a modest interest of 8% per annum for a regular savings deposit and a slightly higher interest rate for the time deposit.
The program was launched with a raffle to give incentive to the members offering a brand new cellphone for the first prize; a 24-inch TV for the second prize; and 10 shares of stocks for the third prize. The campaign culminated in January 30, 2017, mobilizing 3.7 million Kyats (US$2,740.) from 64 depositors. The savings services of the cooperative are expected to pick-up as people in the community start to appreciate the role of the cooperative in improving their lives.
The deposit services of the cooperative called member-savings operations (MSO) was formally launched last November 10, 2016, with 28 members depositing a total of 482,000. MMK on the first day. The deposit services allowed members to avail of safekeeping services for cash, and earn a competitive rate of 8.25% a year. Members can deposit and withdraw during business hours just like formal financial intermediaries.
To motivate members to save, the Savings Mobilization Campaign 2016 was implemented as an incentive program. For a deposit of 20,000. MMK, a depositor will get a ticket that will be raffled off in January 2017 with the following prizes: first prize – Mobile phone; second prize – TV; and, third prize – 10 stock certificates. Consolation prizes were also offered which includes one sack of rice for every 1 million MMK deposit and one t-shirt for the first 50 depositors.
Participants in the program have the option to continue saving in their respective savings groups, where they can borrow funds when there are urgent needs; or they can save with the cooperative where they can also avail of the credit services for working capital for crop production or expansion of their enterprises.
The additional funds that will be generated from the savings deposits of members will be used to finance the credit services of the cooperative.