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.
We also support thousands of entrepreneurs through our innovative online lending platform, Lendwithcare.org
Together these initiatives are 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...