Key findings:
- More women have access to informal financial services: in year 2 of the strategy 652,663 women became members of savings groups through CARE or peer organisations’ programming, representing an increase of 26%. The total number of savings group members using informal financial services in the region reached 3.8 million.
- More women have access to formal financial services: In Mali, Cote d’Ivoire, Ghana, Niger and Chad, 111,630 existing members of savings groups were linked to formal financial services, giving them access to loans, which they can invest in their own businesses. Women constitute between 70% to 100% of the individual members accessing loans.
- Governments are actively promoting savings groups: Niger’s action plan to implement its Women’s Economic Empowerment Strategy includes savings groups, while Mali has integrated the savings group model into three of its key women’s economic empowerment programs. Côte d’Ivoire, Nigeria and Togo are also in the process of adopting Financial Inclusion strategies that include savings groups.
- Strategic partnerships are opening up new opportunities: Women on the Move has partnered with the Lake Chad Basin Commission to encourage the integration of gender equality into sub-regional policies. Also, the partnership with the Vodafone Foundation in Ghana (on a financial inclusion pilot project) potentially helps build a case for scale up, bridging the gap between Vodafone’s core business and its corporate social responsibility.
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