Just like many families in Hoa Binh, Vietnam, six-year-old Hiep’s family were trying to survive on little more than a dollar a day. Hiep’s family is one of the poorest in the village, there simply isn’t enough money for school uniforms, health-care or even basics like nutrition food on the table.
The second round of the cow bank model introduced by ChildFund helps Hiep’s family with a buffalo, which was passed by his neighbor who previously took part in the scheme. The buffalo will provide manure, fertiliser to increase crop yields, an income through agriculture work, and provide meat.
“It is the biggest investment of my family so far. We have to take loans from our brothers and sisters to buy half of this buffalo. It is a female one so hopefully in two years we can pay back the loan when it delivers a baby.”
Mô hình ngân hàng trâu bò tạo điều kiện cải thiện thu nhập cho gia đình Hiệp
As the buffalo becomes a source of savings for each family that receives one, it can be sold, which means families have assets in times of crisis, such as a health emergency or a season without food.
Hiep’s mother said “The buffalo brings hope to my family because when it has babies, we will have more assets. If we sell a calf, we can generate our family income”.
The cow bank ChildFund supported since 2014 has enabled 45 households in Hoa Binh access to the loans to start their income generation activities.
Following the working scheme, each family was loaned half of the sum to buy a female buffalo and in two years, when the buffalo gives birth to a calf, the mother will be transferred to another family. The family will then choose to pay the half loaned or keep the calf.
“We have groups of families to participate in this scheme. Each time, when the mother can be transferred, meetings will be organised in the village to discuss the possibilities of households to receive it. Information is conveyed transparently.” shared Son, the head of the village who looks after the scheme in Thu Phong.
“We are thankful for the support of the buffalo bank, which is very important for my family. It gives us hope for a better future for my children”, said Hiep’s mother.