Access to micro-finance
RFLP successfully worked with communities in a number of its countries to boost access to micro-finance with emphasis placed on enhancing levels of financial literacy. For example, in Sri Lanka a total of 5,787 loans with a total value of US$ 636,900 were disbursed by Fisheries Societies to fishers and RFLP’s micro-finance strategy is being replicated in fishing villages nationwide. This follows a series of capacity building activities that saw Fisheries Societies offer far more professional services and resulted in higher savings and repayment rates. Products such as life insurance were also made available to fishers for the very first time.
A major recommendation of RFLP based on its experiences is that priority should be given to enhancing financial literacy of small-scale fishing community members. Emphasis should also be placed forming and/or strengthening community based credit and savings groups.