Financial inclusion – $116bn business opportunity
Today more than 2 billion people are unbanked. This financial exclusion severely limits their ability to save, invest and plan for the future. They represent a pool of customers with the potential to save $116 billion a year. The financial sector can take up this opportunity responsibly and profitably – especially when executed through savings groups.
CARE’s 250,000 (and counting) savings groups, which we call VSLAs – Village Savings and Loan Associations – provide a strong base for co-creating a suite of appropriate products and services for under-served markets. From delivering digital and financial literacy to linking groups and individuals to formal financial service providers, fintech companies and mobile money operators, CARE aspires to foster a holistic, savings-led, client-centric approach to ensuring access to quality financial services and products that provide pathways out of poverty, addressing Sustainable Development Goals SDG 8 – decent work and economic growth, and SDG 9 – industry, innovation and infrastructure.
Who we work with
Our partnership with Barclays enables hundreds of thousands of poor people to access financial services – supporting them to start and build businesses and enabling them to plan for a better, more secure future. Read more...