Working with 165 village savings and loan associations, this project provides 3,300 people in Central African Republic with access to three critical financial services: credit, insurance and savings.
What is the issue, problem, or challenge?
In the Central African Republic, 84% of the population lives on less than $2 per day. For many poor and rural households, financial services are out of reach. Families struggle to save money safely and to access credit, and they lack financial resources to cushion against unexpected crises. This project promotes the Village Savings and Loan Associations (VSLA) that are managed by community groups and provides 165 groups with access to savings, credit and insurance services.
How will this project solve this problem?
This project facilitates the creation of VSLA groups, trains them on the savings and loan methodology, and provides them ongoing support during the first nine-month cycle of savings and credit. Members access credit to carry out economic activities.
Potential Long Term Impact
The project will improve the economic well-being of 3,300 households by increasing their capacity create and manage small businesses to generate income, as well as take better care of their limited financial resources.
Total Funding Received to Date: $1,150
This project is now in implementation and no longer available for funding. Received funds will be used to accomplish concrete objectives as indicated in the project's "Activities" section. Updates will be posted under the "Project Report" tab as they become available.
Donors' contributions and pledges to this project totaled $1,150 . The original project funding goal was $25,000.