Market makers: A snapshot of savings groups driving global economic growth

When women displaced by war return home, what do they take with them? The businesses they built together.

In northwest Syria, echoes of conflict linger, but so does the determination of women who refuse to let war define their futures. In early 2023, sixteen internally displaced women in Idlib came together with one shared goal: to rebuild their lives. With guidance from CARE and a local partner, they formed the Al-Mutalaqat savings group.

As the group matured, CARE provided seed funding and business training, helping them open a small grocery shop that became a symbol of solidarity and renewal. When the situation in Syria shifted in late 2024, allowing them to return home, the group carried their assets, experience, and determination with them, reopening the shop in a new location.

Today, after three savings cycles, Al-Mutalaqat is thriving. Their business is stable, their confidence stronger, and their dreams bigger. As one member reflected: “We carried it in our hearts, as if it were each woman’s very own project.”

Empowering Ecuador’s youth: The birth of sustainable businesses

In rural Ecuador, savings groups have become a beacon of hope for a generation grappling with rising violence and uncertainty. UNICEF reports a staggering 640% increase in child and adolescent homicides in Ecuador since 2019.

“It’s been a bit tough because we don’t have stable jobs or incomes,” says Yael, secretary of a youth-led savings group in Cotopaxi province. “Our savings group started with the goal of motivating ourselves as young people and having a way to access financial support without the paperwork and restrictions that traditional financial institutions usually require. This group gives us that opportunity.”

Yael’s group has done more than just save; they’ve built a business rooted in ecological values. They used their pooled funds to open an agricultural supply shop that offers only organic products.

“The idea came from seeing the needs in our community,” Yael explains. “It helps a lot of people—ourselves included—because we avoid transportation costs and have close access to seeds and products, we need for farming and livestock.”

In a world where young people often feel powerless, these groups offer agency, stability, and a chance to shape a healthier, more sustainable future.

“The VSLA gave me the confidence to finish my studies and help my family. Now, I want to show other girls that they can do the same,” says Yael.

Vietnam’s cinnamon cooperative: From solitude to shared success

For decades, Hoang Thi Duong worked alone as a cinnamon processor. Working in isolation meant her income was uncertain and her future limited. That changed when she joined a VSLA and went on to form a cooperative.

“I had never been part of a group like that and didn’t think I could lead,” she recalls. With support and training, Duong’s confidence grew. Within six months, she became acting director of the cooperative.

Working together, the group improved processing techniques, ensured consistent quality, and secured better prices for what they produced. In its first harvest season, the cooperative doubled their yield, achieving a 26% profit margin. Now, they provide seasonal jobs for over 170 people, many of whom never had stable income before.

“For the first time, I see women in my village earning steady income, planning for the future, and working together like a team,” Duong says. “Handing workers their pay and seeing their smiles makes me feel deeply proud. It’s not just about income anymore. I know I’m doing something that brings value to their lives. That’s a happiness I’ve never felt before.”

Uganda’s VSLAs go digital: Empowering women through technology

As Uganda’s savings groups embrace the digital age, women are leading the way, bringing their communities along.

Mwilalimbaya Mbo, a refugee from the Democratic Republic of Congo, embodies this transformation. Arriving in Kampala with her children, she rallied fellow refugees to form the Vital Solidarity savings group. Mbo led the group as chairperson and ensured they accurately recorded the group’s finances through the Chomoka app, developed by CARE and now led by our partner Ensibuuko.

Digitizing their savings was just the beginning. CARE’s new collaboration to connect Chomoka with lenders and credit scorers meant refugees like Mbo, who may not have the documentation banks often require for loan applications, could build on their savings group records to qualify for bigger loans.

With access to this larger investment, Mbo was able to open her own retail shop. Her leadership inspired others to trust the system and themselves. This sparked a wave of women launching businesses and regaining stability.

“I no longer feel helpless,” Mbo shares. “Now, when people come to me for advice, I have something to say. I have something to show.”

Together, these women aren’t just adapting to technology—they’re co-designing financial solutions, multiplying resources, and lifting up entire communities with dignity. For VSLAs in Uganda, digital transformation means women are mobilizing more money, gaining respect, and creating ripples of empowerment that reach far beyond their savings groups.

The road ahead: How savings groups continue to transform lives

From war-torn towns of Syria to the green hills of Ecuador, to the remote farmlands of Vietnam, and the digitally connected villages of Uganda, savings groups are evolving to meet the hopes and ambitions of their members.

“Just by listening to women and doing what they told us, we have seen a surge of women entrepreneurs who are multiplying resources, launching businesses, and shaping local markets,” says Vidhya Sriram, CARE’s senior director for global VSLAs. “Their leadership is not only inspiring change — it is fueling economic growth, creating jobs, and opening doors for others. That is a global movement we can get behind.”

Learn more about the ways CARE supports women wherever they are in their savings journey in the VSLA Annual Report 2025: From Savings to Shaping Markets.