PHOTO BY HENRY TENENBAUM
The world’s poorest people have a great need to access financial tools and services, yet most formal financial institutions are unable to reach them.
To address this need, Catholic Relief Services,in collaboration with theMastercard Foundation, expanded the Savings and Internal Lending Communities model to offer vulnerable families easy, safe and regular opportunities to pool their savings, make loans to each other and earn dividends in Burkina Faso, Senegal, Uganda and Zambia.
CRS provides training to help strengthen new savings groups, using a highly sustainable approach. Upon completing their first annual cycle in the project, the majority of SILC groups can operate on their own.
Private Service Providers form groups. Each group chooses leaders, decides on bylaws and is trained on the SILC methodology.
Groups meet weekly to save.
Members can borrow to invest in farming, grow their business or pay for household needs
After a year, members get back their savings plus a dividend, which they can use to buy assets or invest.
Sustainability supported by Private Service Providers (PSPs) model:
CRS carefully recruits and trains qualified community members on the SILC methodology and oversees their work.
After 7 months they are certified as Private Service Providers
PSPs work independently and are paid by groups for training and support.
Achieve high PSP performance
Ensure 500,000 vulnerable households experience greater financial inclusion to improve their resilience
Select a country for more details.