Economic Growth Malawi Project #6647

Inspire Malawians Out of Poverty

by Opportunity International

Project Report | Apr 7, 2011
Savings Accounts Create Change in Malawi

By Olivia Schultz | Project Personnel

Grace Msowoya, Opportunity client

In Blantyre, Malawi, dozens of women sell potatoes in the marketplace. But Grace Msowoya and her business partner Betty Louhana stand out. Frustrated by their small profit margins, they became the first women to take the bold move of becoming distributors themselves. Every two weeks, they withdraw money from their Opportunity savings to rent a truck. They hire a driver and spend several days on the road to get potatoes directly from farmers, which they then sell to other vendors.

Before Grace became an Opportunity International client in 2007, she kept her hard-earned money hidden in her home. Now, she and Betty are earning interest on nearly $2,000 in a joint savings account. With her biometric-enabled card she can safely deposit and easily access her money at the Opportunity banking kiosk, just 100 meters from her business.

Grace and Betty’s courage has paid off. They have dramatically increased profits and redefined the place of women in the local market. And Grace has already made great strides in a short time as an Opportunity client. She has earned enough money to move her family from two small rooms to a two bedroom home, and all three of her children attend school.

For more information on Opportunity International's "Banking on Women" Campaign, and how others are reacting, visit:

http://www.opportunity.org/blog/banking-on-women-with-access-to-microsavings/

Links:

Ways to Contribute to Funding Loans for Women

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