740 million women worldwidedo not have bank accounts.
(Or financial literacy)
This means they do not have access to funds for predictable life events, like sending a child to school, much less emergencies. WomenSave is on a mission to fix that by expanding financial access to low-income women (< $2 a day) in developing economies with goal-based savings plans and mobile money, as well as financial literacy training and one-on-one financial advisory services. We envision a world where every woman has the tools, skills, and confidence to improve her financial health.
WomenSave treats each client as an individual in charge of her own financial future. We focus exclusively on personalized savings products and services that are critical to economically empowering women. We place a premium on bringing women into the formal financial system with commitment savings via mobile money as the entry point. Unlike other products and services available to our clients, our solution offers them complete agency to define their financial goals and a mechanism to meet them on their own terms and conditions.
Our model is based on research that shows that women are inherent savers and that people are more likely to save if it is on a regular basis for a specific goal.
“Commitment savings products help users overcome behavioral and social barriers that prevent many… from reaching their savings targets and making desired investments in the future.”Source: Innovations for Poverty Action
And our pilot project demonstrated just that. In eight short months (during 2020!) our clients saved an average of US $35 and 78% of them met their financial goals (e.g., buying a goat, paying school fees, installing new home windows, buying medicine).
WomenSave sees itself as the critical missing (human) link between unbanked women and the existing digital economy. Additionally, WomenSave proved adaptable and nimble even in the context of a crisis. Throughout the COVID-19 pandemic, our staff were able to offer clients our signature products and services virtually. And our clients continued saving via mobile money, allowing them uninterrupted financial access. The WomenSave solution is accessible, affordable, customizable and low risk. Ultimately, it connects women to the formal financial system and empowers them to leverage it to meet their needs with dignity and pride.
“I find WomenSave convenient, secure and financially liberating.”
Lydia Twikirize WomenSave Client
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