Skip Ribbon Commands
Skip to main content
Sign In

Linkage banking with savings groups empowers women

Linkage banking with savings groups empowers women

​​​​​​​​How WSBI, partners support targeted programme in Africa


 

>> Learn more: Making Small-Scale Savings Work Programme

>> WSBI dedicated page for European Development Days 2018 

>> Discover: European Development Days


 

BRUSSELS, 7 June 2018 – Sustained access to and use of savings mechanisms like savings accounts contribute to the well-being of people. That is especially true for women, who often manage household finances and childrearing. But women make up close to 60 per cent of the world's unbanked. This gap is especially acute in Africa.

To help address this and other financial inclusion challenges there, a programme anchored by a WSBI-Mastercard Foundation partnership, called the Making Small-Scale Savings Work Programme​, aims to establish the viability of small-balance savings accounts in six African countries – Uganda, Kenya, Nigeria, Morocco, Senegal and Cote d'Ivoire.

Empowering women through financial inclusion takes the form of many projects in place use linkage banking with savings groups. By doing this, it gives women the power to save towards community and individual goals, accurately track their finances in a digital way, afford better equipment to be applied towards household tasks and economic gain, and set aside money for insurance protection for their children as well as loan repayments. Women-focused projects occur in Uganda, Nigeria and Kenya, countries where women face up to a 20 percentage point gap with men when it comes to being plugged-in to mainstream banking services.

The big picture: savings groups, women & financial inclusion

​The growth of financial service providers like banks in many markets will depend – in large part – on their ability to reach low-income, underserved populations that include women. Within this market segment, it is estimated that there are nearly 14 million members of informal Savings Groups (SGs) across 75 countries worldwide. With total assets between $430 million and $1.2 billion, these savings groups represent a promising pathway for the delivery of formal financial services in new and underserved markets.​

Empowering women: WSBI tells its story at European Development Days 

The WSBI programme “Making Small Scale Savings Work" was on display at this year's European Development Days (EDD) which was celebrated this week on 6-7 June in Brussels. A first for WSBI, the institute's financial inclusion experts hosted a stand entitled “Linkage banking with savings groups: Empowering women," which is in-line with this year's EDD theme “Women and Girls at the Forefront of Sustainable Development: protect, empower, invest". 

About European Development Days, Making Small Scale Savings Work

Organised by the European Commission, the three-day event brings together thousands of people from the development community each year to share ideas and experiences in ways that inspire new partnerships and innovative solutions to the world's most pressing challenges. 


 

>> Learn more: European Development Days

>> Learn more: Making Small-Scale Savings Work Programme

>> WSBI dedicated page for European Development Days 2018 


 

Doubling savings accounts; Financial inclusion