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     113  0 Kommentare Saving $7.4 Million by Working Together

    NORTHAMPTON, MA / ACCESSWIRE / June 5, 2024 / CARE"The (VSLA) training showed us how to properly manage our money. We discovered we were wasting money and not working together to find the right solution. This is when I decided that my wife would be …

    NORTHAMPTON, MA / ACCESSWIRE / June 5, 2024 / CARE

    "The (VSLA) training showed us how to properly manage our money. We discovered we were wasting money and not working together to find the right solution. This is when I decided that my wife would be the best person to look after the money and organize the family expenses." - Kouakou Koffi Michel

    CARE's Women for Change model is founded on the Village Savings and Loan Association (VSLA) approach and works with women and their families in cocoa-growing communities to improve livelihoods so that communities can thrive. The program started in Côte d'Ivoire in 2016 and aims to increase gender equity in households and communities, while supporting increased savings, improved skills, income growth and diversification, improved school enrollment rates, and increased nutrition.

    Encouraged by this powerful model and its proven results, in 2020, Mars Wrigley committed to scaling up the partnership with CARE with an investment of $10 million to reach more than 60,000 members in cocoa communities in Côte d'Ivoire and Ghana by 2025. We have now exceeded that target and have already reached more the 77,000 VSLA members (58,000 women) between 2016 and September 2022.

    What did we accomplish?

    • Financial access to savings substantially increased for members. VSLA members in the Women for Change program have collectively saved over $7.4 million with over $3.7 million of loans disbursed. On average, VSLA members in this program have saved $63 annually compared to $0 annually at baseline.
    • The loans disbursed by VSLAs strengthened not only financial inclusion, but also access to education and health. Of the loans distributed, 64% of the funds were used to bolster individual income-generating activities for members. However, members also used the funding from loans to finance educational pursuits (13%) and access to health and nutrition services (6%).
    • Male champions fight for gender equity in the community. Over 160 male champions have been trained to lead and direct gender-related interventions within their communities and are not limited only to VSLAs.

    How did we get there?

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    Saving $7.4 Million by Working Together NORTHAMPTON, MA / ACCESSWIRE / June 5, 2024 / CARE"The (VSLA) training showed us how to properly manage our money. We discovered we were wasting money and not working together to find the right solution. This is when I decided that my wife would be …