Informal learning that took place among the members of the group increased the influence of lived experiences of the participants in the spare group. To the participants in the study, your time and unconditional participation in the study is highly appreciated.
NATURE AND SCOPE OF THE RESEARCH STUDY
- Introduction
- Background of the study
- Definition of a Savings Group and a Stokvel
- SaveAct
- The Development Model of SaveAct
- The Community of Ezintabeni
- Non-Formal Education Programme Offered by SaveAct
- Current Debates on Community-Based Informal Financial Programmes
- Focus and purpose of the study
- Research problem
- Purpose of the research
- Research questions
- Rationale of the Study
- Outline of the dissertation
Prahalad in his book called "The Fortune at the Bottom of the Pyramid", where he describes it as the phenomenon where poor people pay more to eat, buy and borrow than the rich do (Prahalad, 2005). It concluded with a rationale for the study by highlighting the nature of learning that occurs at Sizanani Savings Group.
LITERATURE REVIEW
Introduction
Theoretical Framework
- Defining the Theoretical Framework and its Function
- Communities of Practice
- Legitimate Peripheral Participation
- The Shortcomings of LPP and Communities of Practice
- Summary
The process of legitimate peripheral participation starts with accepting newcomers into the group as described by the community of practice theory. It should be noted that legitimate peripheral participation manifests situated learning and community of practice.
Literature Review
- Reports on Informal Financial Institutions
- Studies on Informal Financial Institutions
- Summary
At the international level, the dialogue regarding inclusive financial services and the impact of savings groups can be traced from the experiences of the Grameen Bank. Stokvels provided the most necessary financial services to the members and their households (Moliea, 2007; Calvin & Coetzee, 2010).
Related Concepts
- Triggers of Change
- Social Constructivism
- Participation
According to Arnstein, such participation remains incomplete when some participants believe that they have no control over the outcomes of their participation. While Arnstein (1969) recognizes the limitations of participation, that is, from manipulation, consultation to partnership, Freire (1970) extends participation to empowerment of the participants as a result of core creation of knowledge during participation. The relevance of the association bond in this study is that it provides the basis for unraveling factors that connect the members of a savings group.
In this case, SaveAct's training program is established outside the formal system and relies heavily on the role of informal learning. Delivery of the non-formal learning program is learner-centred, flexible and usually delivered where the participants are. The participation of the beneficiaries, in other words, the participants in the savings groups, is the main pillar of SaveAct's community-based learning program.
Summary
However, informal learning can be conscious and self-directed, especially when the learner focuses on mastering an activity at hand and/or completing a specific task (Rogers, 2014). This experience makes informal learning a participatory and collaborative endeavor and the basis for individual transformative learning (Cranton, 2006) and thus allowing individual participants to display their knowledge and experiences (Hlela, 2014). In conclusion, this section has managed to define non-formal and informal learning as the two concepts that are relevant to this study.
It has also succeeded in identifying the relevance and significance of non-formal approaches taken by institutions in delivering community-based learning programmes. In vain has it increased the relevance of informal learning among the participants in a collective activity. Finally, the research reflected on some of the links between informal learning and African learning perspectives and concluded that informal learning can also be self-directed, especially when people focus on mastering an activity and/or completing a particular task (Rogers, 2014 ).
RESEARCH METHODOLOGY
- Introduction
- Research paradigm
- Research Design and Research Approach
- Research Style
- Research Site
- Positionality
- Sample and Participants in the Study
- Data Collection
- Data Analysis
- Ethical Considerations
- Quality of the Study
- Limitations of the Study
- Summary
Second, the interviews allowed the researcher to better understand the independent perspectives of the participants. The researcher participated in the group meeting during the observation, if only to ask questions of clarity. For example, it was emphasized that the researcher would respect the group members' choice of whether or not to participate in the study.
This was done to obtain the informed consent of the members of the Sizanani Savings Group. The findings and the results of the study were shared with the participants in one of their spare meetings. The participants were aware of previous involvement of the researcher in the work of SaveAct.
PRESENTATION AND DISCUSSION OF FINDINGS
Introduction
Presentation of the data
- The Case: Sizanani Savings Group
- The Nature of Learning
- Theme One: Shared Domain of Interest
- Summary
- Theme Two: A Shared Practice
The collective or shared competence of group members distinguishes members from other people in the group. Doing things together and learning from each other turns group members into practitioners. The importance of familiarity and trust is that it informed the recruitment of group members.
There was no executive committee position, but functions of all group members (Z. Zulu, 2014). This was very critical for the recruitment of members and the creation phase of the group. Members of Sizanani Savings Group underwent a training that facilitated learning for group members.
Finally, it elicited the desire of the members of the group to do more in the second year. This theme is interested in evidence that demonstrates experiences of learning by the participants of the group.
Summary
I would also look for solutions in the group before emphasizing the solution offered by the participants. The data also reveal a very strong bond that emerged between the supervisor and the group. This section showed that the SaveAct training intervention served as a trigger for participants to engage in group activities.
Collaboration was shown to be central to the development and maintenance of a group identity that enabled becoming and belonging. The saving group program developed by SaveAct, its training content and supervision structure determine how group members adopt new knowledge and common practice. The group's ability to deal with challenges that threaten to break up also stood out.
CONCLUSION AND RECOMMENDATIONS
Introduction
Methodology
This was the only period the researcher could have interacted with the participants just before they start a new cycle. The size of the sample could have been improved to at least include savings groups that were in different phases, that is, the establishment and supervision phase and the post-supervision phase. This would have allowed the researcher to compare the research findings from the wider sample.
Summary of Major Findings of the Study
- Community of Practice
- Nature of Learning
Second, a self-selection approach was used to identify and select group members; however, the study found that participants identified themselves before encountering SaveAct. This contrasts with the notion that group self-selection occurs during group training. The post-supervision phases confirmed the group's institutional ability to solve challenges on its own.
Through the savings group, participants have established themselves in a community that works towards providing useful financial services to community members. In addition to this, the savings group's experiences showed that learning took place non-formally and informally. This would confirm that the founding members of the group, who were more knowledgeable than others, showed leadership and authority in the group.
Recommendations to Organisations implementing VLSA
- Strengthen self-selection processes to enhance participation
- Embrace life skills
- Dedicate record keeping and supervision skills programme to record keepers
- Broaden financial offerings
The group should not be allowed to accept members who are not trained in the saving methodology. It will be important to review the constitution at least one month before the dissolution of the group fund. A special meeting should be called to present the constitution, group rules and review process to the participants.
In addition, applicants must accept the terms of participation in the group. There should be a concerted effort to praise positive experiences that promote group discipline. A special program for keeping records and developing supervisory skills should be designed especially for recorders in the group.
Further Studies
It can therefore be concluded that additional financial services and products will strengthen the participants' social ties and contribute to strengthening the group's institutional capacity. This service can be done by linking the group to the formal financial institutions that provide friendly banking services (and infrastructure), funeral insurance and affordable medium to long term investment products. In addition to expanded financial offerings, the Group can also take advantage of public and private institutions that offer personal financial education or responsible personal financial education that will propel the group to the next level and enter into mutually beneficial relationships with institutions in the financial services value chain. .
Foreign capital and top structures threaten to take away the foundations and control of community-based financial institutions such as Sizanani Savings Group. Savings groups are likely to be limited to a maximum of three financial products, namely annual micro-savings, short-term loans and micro-insurance. In conclusion, further studies may spark interest from the formal financial sector to collaborate with informal financial institutions in offering a wider range of financial products and services in the future.
Significance of the Study
Inadequate product offering: The study also observed that Sizanani Savings Group only offered savings and short-term credit. Further research can also help support organizations like SaveAct to design responsive capacity building and supervision programs that can transform savings groups into formal microfinance institutions. In order for these organizations and their practitioners to develop this sector, they must develop sector-specific adult learning theories and frameworks that support the teaching and learning of the new development facilitators, and of course to achieve the savings groups' development goals.
Conclusion
Roll call • The chairman calls on the cashier to bring the cash register and calls on the designated key holders to open the cash register. Fines (if any) • The chairman then instructs the money counters to count the money in the fine bowl. Final Balance • The chairman then instructs the money tellers to combine the fines and the share savings and count the total.
Loan repayment • The chairman asks members who owe loans to identify themselves and instructs them to tell the meeting what they owe. The Recorder adds up the total of the requests and announces this to the meeting. The money counters count the amount of the loan and hand it over to the borrower.
