Care.org Care.org
icon icon icon icon icon icon icon

Pennies to Power

Microsavings

CARE is launching Pennies to Power to bring the benefits of Village Savings and Loan Associations (VSLAs) and support 50 million women and girls—and 65 million people overall—to form Savings Groups by 2030.

When fully implemented, this program will enable women in savings groups to mobilize an estimated $15 billion each year, create new enterprises, unlock access to higher-level financial services, and dramatically change women’s ability to work together.

Background

The countries selected for this project face many development challenges, including chronic food insecurity, high rates of HIV/AIDS, and increased frequency of natural disasters due to climate change. Low levels of education, particularly for women and girls, is another major problem. Young people, in spite of growing economies and increasingly accessible financial services, struggle to find jobs, which deepens the country’s issues with poverty.

Intervention

In partnership with The Arthur M. Blank Family Foundation, CARE will focus on three initiatives in Africa:

  • Building on our successful adolescent-focused savings group work (YSLAs) to advance youth education and economic development in Malawi.
  • Bringing together financial services and skills-building to empower youth entrepreneurs in Tanzania.
  • Building resilience and unlocking market access for women in Nigeria.

Project achievements

In Tanzania, over 1,500 groups have been formed to support youth enterprise development

In Nigeria, more than 4,000 VSLA members have started enterprises

In Malawi, 1,800 VSLA help parents and adolescent children to support in-school youth

The importance of Pennies to Power

CARE’s economic empowerment work includes both adults through our Village Savings and Loan Associations (VSLA) programming and adolescents through our Youth Savings and Loan Associations (YSLA) programming. While these methodologies are similar, they are customized for each group’s unique needs and interests.

Resources

Investing in the World with CARE: Saving Lives and Building Futures

In partnership with The Arthur M. Blank Family Foundation, CARE will make transformational investments in three countries that will enable us to meet critical Phase 1 goals and set Pennies to Power on track to hit its long-range objective.

Read More