Scale
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...
PENNIES TO POWER FINAL REPORT
Globally, women have access to 10% of the available credit, 7% of the training on productive activities and are 40% less likely to have access to agricultural inputs than men. Women also have limited technological inputs and market access, and only 4.3% of women have access to agricultural extension services. Although women provide about 50% of the agricultural workforce, they still lack equal access to productive resources.
Due to looming threats including climate change, an estimated 20% increase in hunger is predicted by 2050. The COVID-19 pandemic and its economic aftermath likely will push 426 million more people into poverty in the next three to five years. Responding to these challenges requires creative solutions that prioritize the most vulnerable, including women and young people. To this end, CARE implemented the Pennies to Power program with generous support from the Arthur M. Blank Family Foundation. This final report describes the program’s accomplishments over the full implementation period (June 1, 2019 to June 1, 2022).
Pennies to Power played a critical role in building resilience and increasing the capacity of people to cope with crises. Moreover, it helped create thriving and sustainable communities, where farmers prosper, people are empowered, and the planet is healthier. CARE implemented the program in Malawi, Nigeria and Tanzania to build resilience, unlock market access for women and youth, and ensure they are economically and socially empowered through savings groups known as village savings and loan associations (VSLAs). Moreover, the program contributed to the achievement of the following U.N. Sustainable Development Goals (SDGs): No Poverty (SDG 1), Zero Hunger (SDG 2), Gender Equality (SDG 5), and Climate Action (SDG 13).
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Due to looming threats including climate change, an estimated 20% increase in hunger is predicted by 2050. The COVID-19 pandemic and its economic aftermath likely will push 426 million more people into poverty in the next three to five years. Responding to these challenges requires creative solutions that prioritize the most vulnerable, including women and young people. To this end, CARE implemented the Pennies to Power program with generous support from the Arthur M. Blank Family Foundation. This final report describes the program’s accomplishments over the full implementation period (June 1, 2019 to June 1, 2022).
Pennies to Power played a critical role in building resilience and increasing the capacity of people to cope with crises. Moreover, it helped create thriving and sustainable communities, where farmers prosper, people are empowered, and the planet is healthier. CARE implemented the program in Malawi, Nigeria and Tanzania to build resilience, unlock market access for women and youth, and ensure they are economically and socially empowered through savings groups known as village savings and loan associations (VSLAs). Moreover, the program contributed to the achievement of the following U.N. Sustainable Development Goals (SDGs): No Poverty (SDG 1), Zero Hunger (SDG 2), Gender Equality (SDG 5), and Climate Action (SDG 13).
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Uganda Post-project Replications of savings groups VSLA in uganda
This 55 page report highlights findings of a study that looked at CARE and CRS programs and how VSLA... Read More...