DEVA SAVINGS SCHEMES

1. Green savings

Our Green savings are made by members together with their loan repayment. It is designed to instill a savings habit in members. The amounts are small enough that members can do it without any stress and with regularity.

2. White savings

This is a target for voluntary savings by group members. Here, members determine and decide the amounts, the frequency of savings, the purpose, and the tenor. Encouragement is given to members to embark on this savings plan via the savings commission.

3. Fine savings (health savings)

To encourage our clients to save and be prepared for medical emergencies, we have introduced the health savings scheme, or fine savings. Often times, a client or a member of the family falls ill, and the issue is always how to raise the necessary funds for needed treatment. Some resort to self-medication, partial treatment, or suffering in silence. Through our health savings scheme, clients are encouraged to save for the rainy day and in such circumstances that the savings cannot match the required health expenses we support with our fine loan (health loans) facility. Once clients have made their fine savings, they are encouraged to use it to get health insurance from one of the HMOs

4. DAJO (DEVA AJO / SUSU SCHEME)

The Deva Ajo/Susu Scheme is an esusu or ajo scheme for short-term (30-day cycle) member savings. This is designed to take away the frustrations of giving money to the traditional Alajo people, who may disappear with the funds, become sick, or suffer from one incidence or another, as is often the case.  The minimum daily DAJO is N20 per day.

5. DASA – Deva Wealth Accumulating Savings Account

DASA is designed to encourage Deva members to build up funds for businesses, projects, and any given project or target. Under DASA, a member opens a ledger with the organization and makes regular deposits into the account as per his or her capabilities from time to time. Members may open DASA with as little as N500.

6. Profund (Lump Sum) Arrangement Under the PROFUND arrangement, individuals, groups, and organizations may give lump-sum funds to Deva for use in its programs for a specific period of time. Such funds may be given to Deva at a zero rate of interest or at a given rate of interest to be paid to the person periodically, as may be agreed. Funds given to Deva under this scheme can range from N50,000 to any amount.

7. Penny box and Greater Tomorrow Savings

Wealth is an accumulation of resources. Through our penny box scheme or greater tomorrow savings scheme, we encourage microclients and the active poor to begin wealth accumulation by setting aside something from their income daily, say a minimum of N20 a day. Such funds are for the long term—a minimum of six months—and attract a higher incentive from Deva. Besides, the penny box can serve as collateral for loans and qualify clients for other Deva programs and services.

8. DEVASSURE (Microinsurance Services)

Through Devassure, Deva, in partnership with insurance firms and HMOs, will provide microinsurance products and services to its various clients and to active poor and disadvantaged individuals. The Devassure microinsurance scheme will cover health, endowment, fire, life, and burglary.