CARE has been working with Village Savings and Loan Associations (VSLA) since it first launched the model in Niger in 1991. Over the years, VSLAs have reached more 7.6 MILLION members to form 357,000 groups in 51 countries. 81% of these members are women.

The economic impacts of the groups are well documented. Women and men in VSLA groups save between an estimated $400 and $700 million each year. In West Africa, 3.2 million women participate in VSLA. The savings and credit can be transformational, helping women start businesses, pay school fees, and access emergency loans when they have a crisis in the family. A randomized controlled trial of VSLAs conducted by Innovations for Poverty Action showed that VSLAs substantially increased women’s access to financial services, income, and ability to start businesses.

Perhaps more important, but less formally documented, is the impact that VSLAs have on women themselves, and the social fabric of their communities. Anecdotally, women themselves often point to increases in self-confidence, independence, and a greater belief in their own ability to change things in their lives, as the VSLA impacts that are most important to them. For example, one woman in Niger says, “[VSLA]1 has opened my eyes
and now I do not hide anymore and I speak a lot.”