Saving groups are recognized as a vital entry point to formal financial services, and there is high demand from groups to protect and grow their savings with formal financial institutions. CARE has been working with banks, mobile networks, and micro-finance institutions to co-create innovative and scalable models that help savings groups access appropriate and affordable financial services.
Through the LINK Up project, CARE partnered with four private banks to create financial products that worked for Village Savings and Loan Association (VSLA) members. These fast and low-cost prototypes were an important way to convince the banks that working with poor rural women was worth it. With these new products, the banks and CARE conducted joint outreach campaigns to help VSLAs self-identify as interested in opening accounts. Training and support were provided to interested groups to teach them how to use the products and navigate the process of opening an account.