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.
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.
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.