Browse by Theme: Financial Inclusion

Women in Malawi say that being able to open their own bank account or save with a VSLA has caused their husbands to be more engaged.

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In Egypt’s VSLAs, the number of women who have worried about money in the last 30 days has been cut nearly in half. Why? Because women are saving $58 a year now—2.7 times more than they used to. They are also able to take out loans, and are more than 6 times more likely to be involved in a business where they make money. 77% say their incomes have gone up.

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For 27 years CARE has worked with communities to support Village Savings and Loan Associations (VSLAs) so that women living in poverty can save, invest and improve their lives. Our new Global Reach report shows astounding progress in the global spread and impact of these community-based financial solutions. Today 6.7 million people across 46 countries are saving and managing more than US$433 million per year through CARE VSLAs. Ahead of the SEEP Network SG2018 global savings group conference in Rwanda this week, this success prompts the question: ‘‘how many more women and girls could benefit from participating in a VSLA?”

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In Mali, the government is planning to give money to Village Savings and Loan Associations (VSLAs). Why? Because the Malian government recognises that savings groups are a key step towards women’s empowerment. Ahead of the SG2018 Power of Savings Groups conference in Rwanda this month, here’s what we’ve learned about the power of savings groups from Women on the Move - CARE's strategy for economically empowering 8 million women in West Africa by 2020 that starts with, and builds from, savings groups.

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Last week the World Bank’s much anticipated 2017 Global Findex database and accompanying report was released, revealing who has a bank account with a financial institution or mobile money service and how they’re using it. While great gains have been made in overall account ownership, we should be cautious about celebrating just yet. Women continue to lag behind men on almost all the financial inclusion markers and that’s a major shortcoming.

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Together with a colleague, Professor Malcolm Harper, I recently spent 18 months researching and editing a book on Islamic microfinance – which is defined as Shari’ah compliant financial services for poor people. Here are some of the key findings.

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For over 25 years CARE’s Village Savings and Loan Associations (VSLAs) have enabled women living in poverty to increase their financial skills, gain access to and control over resources, and generate economic opportunities and income. This report published in December 2017 provides an overview of the global reach of CARE’s VSLAs.

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