NURCHANational Urban and Reconstruction Agency (South Africa)
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Another notable effort by NURCHA was the initiation of a National Savings Scheme aimed at developing a savings discipline in savers among low-income households.
NURCHA targets the low-income earners with monthly income of below R3 500 per month, which is also the government housing subsidy market.
NURCHA also sets a threshold for the savers at the same level.
Banks varied in the engagement with NURCHA. Some were involved while others were exploring the option.
Discussions with NURCHA revealed that the savings program employs community development facilitators who mobilise savings for housing and housing improvements.
NURCHA revealed that some degree of progress has been made with financial institutions through one-on-one interactions on projects.
Generally, the existing products developed by NURCHA demonstrate that a provision can be made for savings by groups.
Some banks are even participating in NURCHA's broadly based savings program but the initiative is only in its pilot phase.
(2001) The Story of NURCHA, Open Society Institute, New York.
This book - 'Building the New South Africa: One House, One Dream at a Time' - details Nurcha's mission in a very clear, concise and interesting style.