Vishü Rita Krocha, Kohima , “If women have money, they would spend on health, education and very needful things. It is very important for women to have financial security in order to accelerate progress”, remarked Phutoli Shikhu Chingmak, Managing Director of the Eleutheros Christian Society (ECS), while asserting that investing in women is a human rights issue.
Speaking to The Morung Express on the occasion of the International Women’s Day (IWD), which falls on March 8, she added, “When the right of a woman is addressed, there is always progress in the society.”
‘Invest in women: Accelerate progress’ is the theme for IWD 2024.
Her work, over the past few decades, has revolutionised the lives of hundreds of rural women, enabling them to stand on their own feet and becoming financially secure through a banking concept she developed called ‘Edou Bank’ meaning ‘collectively working together.’
With over 600 Self Help Groups (SHGs) and 20 such micro banks self-managed by women spread across several districts of Nagaland, it is estimated that there are about Rs 7-8 crores in circulation among these rural women, who were once stricken with acute poverty. Through borrowing and investment in farming, the money keeps rotating within their groups.
Some of the SHGs are reported to have Rs 20-30 lakhs in circulation in their groups, while one in particular, comprising of groups from 3 villages, is said to have about Rs 70-80 lakhs in circulation. Some of the rural women have managed to buy lands for themselves, while some are running successful businesses.
Developed in 2003, Edou bank is a microfinance institution wherein loans are given for a group venture at 2% interest, the interest generated serving as dividends for the group members.
Conceptualised in 1997, it happened at a time when women entrepreneurship was almost unheard of. She and her husband, Chingmak had established The Eleutheros Christian Society (ECS) in 1993 with the prime objective of tackling the problem of drug abuse and rehabilitation of the affected youth.
Women can...
Seeing her concept bearing fruit, she said, “It is so amazing to see that women can do so much.” She however pointed that most of the government programmes are men-centric.
In this regard, she underscored the need of equity wherein the government should also purposely initiate programmes for women. “And when women take initiative, make sure that they are given financial security to implement,” she said.
She further noted a perceived lack of “handholding” in the many government programmes, which, she held, do not result in good outcome because of the lack of monitoring.
“Make every programme accountable, then people cannot take advantage of the resources and then only, there will be progress,” she maintained.Phutoli Shikhu Chingmak has a Post Graduate Diploma in Law from the University of London. She did her LLB from the same university. She is also a co-contributor of ‘Reparation to Indigenous Peoples: International & Comparative Perspectives’ published by Oxford University Press and a recipient of Governor’s Gold Medal for Distinguished Service in Health & Development.‘Investing in women is a human right issue’ | MorungExpress | morungexpress.com
Categories: Finance,
Investment,
Women
