Financial Inclusion
Curiosity Collective : Evidence of Social Changes for Women in Savings Groups
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.”
Read More...
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.”
Read More...
Unlocking the Potential of Women-led Micro & Small Enterprises: Lessons from the IGNITE project in Pakistan, Peru, and Vietnam
Micro and small enterprises (MSEs) are the economic backbone of most economies worldwide, increasing employment and reinvesting in local communities. In emerging markets, there are 365-445 million micro, small, and medium enterprises. However, 80% of women-owned small businesses with credit needs are either unserved or underserved, representing a $1.7 trillion USD financing gap.
CARE’s Ignite program, launched in partnership with the Mastercard Center for Inclusive Growth, focused on supporting micro and small enterprises, especially those led by women, in Pakistan, Peru, and Vietnam
between 2020 and 2023.
Ignite took a market-based approach to service delivery that was sustainable and scalable by working with over 35 local partners across the three countries, 11 of which were core service delivery partners. These partnerships opened up much-needed access to financial and digital resources, while building entrepreneurs’ business capacity and networks.
Ignite set out to reach 3.9 million entrepreneurs in three years with $5.26 million USD in grant funding from Mastercard. The program exceeded initial goals, reaching more than nine million entrepreneurs, and unlocking access to $154.9 million USD in loans. More than 150,000 entrepreneurs were deeply supported with loans, critical support services, and training.
The commercial value in supporting women-led MSEs is irrefutable. Global data continues to show this and,
together with Ignite financial service provider partners, CARE has proved it. Despite this, gender bias continues to permeate throughout financial institutions the world over. CARE is calling on all financial service providers to read the proof in this report that women are better financial clients, to support the drive for 100% financial inclusion for women, and to invest in reaching this goal. Read More...
CARE’s Ignite program, launched in partnership with the Mastercard Center for Inclusive Growth, focused on supporting micro and small enterprises, especially those led by women, in Pakistan, Peru, and Vietnam
between 2020 and 2023.
Ignite took a market-based approach to service delivery that was sustainable and scalable by working with over 35 local partners across the three countries, 11 of which were core service delivery partners. These partnerships opened up much-needed access to financial and digital resources, while building entrepreneurs’ business capacity and networks.
Ignite set out to reach 3.9 million entrepreneurs in three years with $5.26 million USD in grant funding from Mastercard. The program exceeded initial goals, reaching more than nine million entrepreneurs, and unlocking access to $154.9 million USD in loans. More than 150,000 entrepreneurs were deeply supported with loans, critical support services, and training.
The commercial value in supporting women-led MSEs is irrefutable. Global data continues to show this and,
together with Ignite financial service provider partners, CARE has proved it. Despite this, gender bias continues to permeate throughout financial institutions the world over. CARE is calling on all financial service providers to read the proof in this report that women are better financial clients, to support the drive for 100% financial inclusion for women, and to invest in reaching this goal. Read More...
Closing The Financial Inclusion Gap in Rwanda (CFIGR) Project
From September 2019 to April 2022, MINECOFIN technically and financially collaborated with CARE to design and implement a project called the Closing Financial Inclusion in Rwanda (CFIGR) that aimed at closing the financial inclusion gap and promoting the long-term saving scheme (LTSS) among VSLA members. The main objectives of the projects were.
I. Improving the financial literacy levels and saving culture of 700,000 financially excluded (75% women) in 30 districts of Rwanda.
II. Increasing access to and use of appropriate and affordable customer centric products/ services for 560,000 financially excluded Rwandans.
III. Piloting effective transition to cashless payments, through the digitalization of at least 2080 of the supported saving groups’ operations/transactions and development and provision of technology based formal financial services. IV. Increasing LTSS subscriptions and sustained payments through VSLAs as platforms. V. Expanding the existing CARE’s Agents Network to cover all 14,837 villages as a community development advisory, catalyst, and support structure. Key Achievements Thanks to CFIGR project, CARE’s financial inclusion work now covers 30 Districts through 15,053 Village Agents supporting 39,776 village savings & loan groups (VSLGs) with over 1,087,154 members, 74% being women that have so far mobilized around RWF 25,352,861,314 ($ 25M USD) of total savings and use RWF 22,124,081,062 ($ 22M USD) of cumulative loans1 invested in groups ‘members income generating activities. The CARE-MINECOFIN partnership project has been able to contribute to closing the financial inclusion gap by organizing 440,036 financially excluded citizens (71% women) into 17,088 VSLAs. These VSLA members form part of the 745,459 people mapped at the beginning of the project as financial excluded representing 59% and are now financially included. In addition, 369,726 VSLAs members have access to formal financial services which include SACCOs, MFIs and Banks where they can save and borrow for personal needs.
To increase LTSS subscriptions and sustained payments through VSLAs, CARE integrated LTSS into financial literacy manual as an effective manner for VAs to deliver messages to VSLAs members and make informed choices; subscribe and persistently save through the long-term pension scheme. CARE trained and equipped master trainers with digital materials. Under the additional financial support of the UNCDF, 416 master trainers in each village were equipped with digital materials including tablets and animated videos to help mobilize, register, and follow up on LTSS payments by VSLA members. To date, 225,293 VSLA members (70% women and 21% youth) both from old and new VSLAs have registered in EjoHeza scheme. 197,151 members (68% women) are active savers and FRW 1,429,982,010 saved as annual contributions as of end April 2022. Read More...
I. Improving the financial literacy levels and saving culture of 700,000 financially excluded (75% women) in 30 districts of Rwanda.
II. Increasing access to and use of appropriate and affordable customer centric products/ services for 560,000 financially excluded Rwandans.
III. Piloting effective transition to cashless payments, through the digitalization of at least 2080 of the supported saving groups’ operations/transactions and development and provision of technology based formal financial services. IV. Increasing LTSS subscriptions and sustained payments through VSLAs as platforms. V. Expanding the existing CARE’s Agents Network to cover all 14,837 villages as a community development advisory, catalyst, and support structure. Key Achievements Thanks to CFIGR project, CARE’s financial inclusion work now covers 30 Districts through 15,053 Village Agents supporting 39,776 village savings & loan groups (VSLGs) with over 1,087,154 members, 74% being women that have so far mobilized around RWF 25,352,861,314 ($ 25M USD) of total savings and use RWF 22,124,081,062 ($ 22M USD) of cumulative loans1 invested in groups ‘members income generating activities. The CARE-MINECOFIN partnership project has been able to contribute to closing the financial inclusion gap by organizing 440,036 financially excluded citizens (71% women) into 17,088 VSLAs. These VSLA members form part of the 745,459 people mapped at the beginning of the project as financial excluded representing 59% and are now financially included. In addition, 369,726 VSLAs members have access to formal financial services which include SACCOs, MFIs and Banks where they can save and borrow for personal needs.
To increase LTSS subscriptions and sustained payments through VSLAs, CARE integrated LTSS into financial literacy manual as an effective manner for VAs to deliver messages to VSLAs members and make informed choices; subscribe and persistently save through the long-term pension scheme. CARE trained and equipped master trainers with digital materials. Under the additional financial support of the UNCDF, 416 master trainers in each village were equipped with digital materials including tablets and animated videos to help mobilize, register, and follow up on LTSS payments by VSLA members. To date, 225,293 VSLA members (70% women and 21% youth) both from old and new VSLAs have registered in EjoHeza scheme. 197,151 members (68% women) are active savers and FRW 1,429,982,010 saved as annual contributions as of end April 2022. Read More...
Digital Subwallets and Household Dialogues
This document reports the results of a women's financial inclusion intervention in rural Uganda from 2017 to 2019. Two innovations were tested among adult females: (1) a mobile banking service with digital subwallet folders labelled for women and (2) the same service coupled with a course of seven household counselling sessions aimed at equalizing the influence of women and men in the context of family money management.
The theory of change underpinning the project recognized that women's power over their own money, as well as their participation in household decision-making were very limited. Providing married women with greater autonomy and voice in household decision-making, it was proposed, would facilitate achievement of their own financial goals especially those believed to alleviate poverty, such as keeping children in school. The mobile banking service was meant to provide privacy and autonomy, while achieving voice was expected to occur as the result of the couples counselling sessions, which emphasized transparency, sharing, and collaboration. Importantly, the theory of change recognized that women's experience of empowerment takes place in the context of a struggle against disempowerment and often entails group solidarity.
The research was multimethod: a randomized controlled trial (RCT), administration of two scientifically validated psychological scales, bank data on the accounts, two exhaustive surveys, and 100 semi-structured interviews. The sample size was 1,423. The research design had two treatment groups and a control. Read More...
The theory of change underpinning the project recognized that women's power over their own money, as well as their participation in household decision-making were very limited. Providing married women with greater autonomy and voice in household decision-making, it was proposed, would facilitate achievement of their own financial goals especially those believed to alleviate poverty, such as keeping children in school. The mobile banking service was meant to provide privacy and autonomy, while achieving voice was expected to occur as the result of the couples counselling sessions, which emphasized transparency, sharing, and collaboration. Importantly, the theory of change recognized that women's experience of empowerment takes place in the context of a struggle against disempowerment and often entails group solidarity.
The research was multimethod: a randomized controlled trial (RCT), administration of two scientifically validated psychological scales, bank data on the accounts, two exhaustive surveys, and 100 semi-structured interviews. The sample size was 1,423. The research design had two treatment groups and a control. Read More...
Promoting Financial Inclusion for Smallholder Farmers Project (PROFIFA) Endline
Promoting Financial Inclusion for Smallholder Farmers Project (PROFIFA), was a project funded by Access to Finance Rwanda (AFR) and implemented by Care International and DUHAMIC – ADRI from June-2017 to May-2020. The project goal was to promote financial inclusion for 120,000 Small Holder Farmers (Women and Youth) organized into 4,000 farmer groups involved in maize, livestock, and horticulture value chains. The main project interventions included: (1) Improved profitability and competitiveness among rural women’s agribusinesses, (2) Increased access and use of a wide range of affordable and appropriate agricultural financial services, and (3) Increased agriculture and small livestock production, value addition and access to markets among 120,000 youth and women smallholder farmers. Read More...
EVALUACIÓN DEL COMPONENTE DE EDUCACIÓN DEL PROYECTO “EDUCACIÓN PARA EL DESARROLLO Y LA INCLUSIÓN FINANCIERA”
En el periodo 2017-2019, CARE desarrolló el proyecto “Educación para el desarrollo y la inclusión financiera” (en adelante Proyecto EFI) con el propósito de alcanzar a 3 543 familias en situación de pobreza periurbana y rural para contribuir a mejorar sus ingresos económicos y su calidad de vida de manera sostenible.
El componente 2 del Proyecto EFI tenía como objetivo fortalecer las capacidades emprendedoras y habilidades financieras de 5 mil estudiantes de educación secundaria de cuatro regiones (Arequipa, Junín, Lambayeque y La Libertad), a través de la capacitación a docentes y dotación de recursos pedagógicos (cuadernos de trabajo de educación emprendedora, financiera y previsional) y la incorporación de la temática en las programaciones curriculares.
Este componente se enmarca en el desarrollo de políticas educativas sectoriales vinculadas a mejoras de la calidad educativa en materia de Educación Emprendedora, Financiera y Previsional (en adelante EEFP), a través de la implementación de la Competencia 19 del Currículo Nacional de la Educación Básica (en adelante CNEB), que establece las capacidades y los niveles de desarrollo que deben desarrollar todos los estudiantes del Perú a lo largo de su educación básica (es decir en todas las modalidades y niveles).
El proyecto capacitó a 465 docentes de Educación para el Trabajo (EPT), Ciencias Sociales (CCSS) y de otras áreas, con una metodología innovadora e interesante. La capacitación incluyó además la distribución del material (guías para docentes y cuadernos de trabajo para estudiantes). Docentes y directores coinciden
que el proyecto EFI ha promovido aprendizajes relevantes para la vida de los estudiantes, contribuyendo a su desarrollo integral. Los/las docentes reportaron que su participación en el proyecto contribuyó a que fortalezcan desempeños específicos del Marco del Buen Desempeño Docente: el conocimiento actualizado y comprensión de las teorías y prácticas pedagógicas y de la didáctica de las áreas a su cargo (Desempeño 3); el diseño creativo de procesos pedagógicos capaces de despertar curiosidad, interés y compromiso en los estudiantes, para el logro de los aprendizajes previstos (Desempeño 6); y, en menor medida, el diseño de una evaluación de manera sistemática, permanente, formativa y diferencial en concordancia con los aprendizajes esperados (Desempeño 9).
El proyecto EFI permitió capacitar en EEFP y planes de negocio a 7 172 estudiantes. La ampliación de 2019 permitió capacitar adicionalmente a más de 274 mil estudiantes de otras escuelas, logrando un alcance de capacitación de 281262 estudiantes. El proceso de asesoramiento y diseño del proyecto de emprendimiento fue enriquecedor para docentes y estudiantes, e implicó reflexionar sobre una propuesta de valor atractiva, viable, y que incorporara productos y saberes locales.
Read More...
El componente 2 del Proyecto EFI tenía como objetivo fortalecer las capacidades emprendedoras y habilidades financieras de 5 mil estudiantes de educación secundaria de cuatro regiones (Arequipa, Junín, Lambayeque y La Libertad), a través de la capacitación a docentes y dotación de recursos pedagógicos (cuadernos de trabajo de educación emprendedora, financiera y previsional) y la incorporación de la temática en las programaciones curriculares.
Este componente se enmarca en el desarrollo de políticas educativas sectoriales vinculadas a mejoras de la calidad educativa en materia de Educación Emprendedora, Financiera y Previsional (en adelante EEFP), a través de la implementación de la Competencia 19 del Currículo Nacional de la Educación Básica (en adelante CNEB), que establece las capacidades y los niveles de desarrollo que deben desarrollar todos los estudiantes del Perú a lo largo de su educación básica (es decir en todas las modalidades y niveles).
El proyecto capacitó a 465 docentes de Educación para el Trabajo (EPT), Ciencias Sociales (CCSS) y de otras áreas, con una metodología innovadora e interesante. La capacitación incluyó además la distribución del material (guías para docentes y cuadernos de trabajo para estudiantes). Docentes y directores coinciden
que el proyecto EFI ha promovido aprendizajes relevantes para la vida de los estudiantes, contribuyendo a su desarrollo integral. Los/las docentes reportaron que su participación en el proyecto contribuyó a que fortalezcan desempeños específicos del Marco del Buen Desempeño Docente: el conocimiento actualizado y comprensión de las teorías y prácticas pedagógicas y de la didáctica de las áreas a su cargo (Desempeño 3); el diseño creativo de procesos pedagógicos capaces de despertar curiosidad, interés y compromiso en los estudiantes, para el logro de los aprendizajes previstos (Desempeño 6); y, en menor medida, el diseño de una evaluación de manera sistemática, permanente, formativa y diferencial en concordancia con los aprendizajes esperados (Desempeño 9).
El proyecto EFI permitió capacitar en EEFP y planes de negocio a 7 172 estudiantes. La ampliación de 2019 permitió capacitar adicionalmente a más de 274 mil estudiantes de otras escuelas, logrando un alcance de capacitación de 281262 estudiantes. El proceso de asesoramiento y diseño del proyecto de emprendimiento fue enriquecedor para docentes y estudiantes, e implicó reflexionar sobre una propuesta de valor atractiva, viable, y que incorporara productos y saberes locales.
Read More...
CONTEXT AND POLICY ANALYSIS, ACTION & ADVOCACY STRATEGY FOR THE « WOMEN IN ENTERPRISE» PROGRAM
The present study is part of the development of an advocacy strategy that aims to conduct a comprehensive analysis of existing policies that may or may not be favorable to women entrepreneurs, the context and actors of their implementation in Côte d'Ivoire. To guide the design of a national advocacy strategy for the «Women in Enterprise» Program, with a focus on advocacy for the development of women entrepreneurs.
Data collection was carried out in Abidjan and in the regions of TONKPI and GBÊKÊ among actors involved in the issues of women's empowerment, financial inclusion and women's entrepreneurship.
Following data collection and data analysis, it appears that:
- Policy and institutional framework for women's empowerment, financial inclusion and entrepreneurship is provided.
- Government has made efforts to facilitate the creation of businesses through the Single Window CEPICI, but some conditions limit women in their process to start a business.
- Structures and programs have been created for entrepreneurship development and funds have been mobilized and made available to women, but access to these initiatives remains limited due to the conditions of grant and interest for some and lack of information for others.
At the end of the analyzes, barriers to the development of entrepreneurship were identified; these include low women education, limited access to credit, land and information related to entrepreneurial activities and lack of entrepreneurial culture.
Some recommendations for the development of women's entrepreneurship were formulated to the different institutional, technical and financial stakeholders and areas of cooperation for advocacy have been identified. Read More...
Data collection was carried out in Abidjan and in the regions of TONKPI and GBÊKÊ among actors involved in the issues of women's empowerment, financial inclusion and women's entrepreneurship.
Following data collection and data analysis, it appears that:
- Policy and institutional framework for women's empowerment, financial inclusion and entrepreneurship is provided.
- Government has made efforts to facilitate the creation of businesses through the Single Window CEPICI, but some conditions limit women in their process to start a business.
- Structures and programs have been created for entrepreneurship development and funds have been mobilized and made available to women, but access to these initiatives remains limited due to the conditions of grant and interest for some and lack of information for others.
At the end of the analyzes, barriers to the development of entrepreneurship were identified; these include low women education, limited access to credit, land and information related to entrepreneurial activities and lack of entrepreneurial culture.
Some recommendations for the development of women's entrepreneurship were formulated to the different institutional, technical and financial stakeholders and areas of cooperation for advocacy have been identified. Read More...
Women in Enterprise Phase II – Taking Enterprise Development for Women Empowerment to Scale – BASELINE STUDY REPORT
Care CIV through Care Nederland has received funding from the H & M Foundation to implement the Women in Enterprise project. This project has two phases, one of which is more focused on entrepreneurship training for women from VSLA groups and women's associations and awareness raising on women's entrepreneurship that has been implemented from June 2015 to March 2017.
In the second phase of the project, which began on April 1, 2017, credits will be granted to beneficiaries for the launch or development of their activities. However, before deploying the package of activities planned during this phase, a baseline study was conducted to get an idea of the situation or environment of the beneficiaries. The results of this study will serve as a basis for establishing the project's performance indicators and measuring the effects and impact of the project over time. Read More...
In the second phase of the project, which began on April 1, 2017, credits will be granted to beneficiaries for the launch or development of their activities. However, before deploying the package of activities planned during this phase, a baseline study was conducted to get an idea of the situation or environment of the beneficiaries. The results of this study will serve as a basis for establishing the project's performance indicators and measuring the effects and impact of the project over time. Read More...