Women make up a majority of microfinance clients globally. However, “there has been little focus on gender within lending institutions,” says Women's World Banking (WWB).
WWB goes on to say, “especially when a majority of your clients are women, it makes sense for women’s voices to contribute to the next generation of products you will offer.”
A study analyzing the impact of gender diversity within the workforce of microfinance institutions found that “gender diversity enhances economic performance, especially in Africa.”
World Vision and VisionFund International are deeply committed to serving women at the bottom of the economic ladder and ensuring gender diversity in our microfinance institutions.
World Vision: Innovation gains momentum
It's well-known that savings groups are vital economic engines that fuel progress for people living in extreme poverty, especially rural women. While responding to the economic impacts of COVID-19, World Vision learned that making small loans to savings groupshelped keep them afloat and dramatically accelerated progress and momentum.
Now, we're expanding this innovation through our financial subsidiary, VisionFund International, under the name Finance Accelerating Savings group Transformation, or FAST, which enables mature savings groups to take loans for business opportunities. We've seen higher household incomes for members and higher savings for the group – usually an increase of 40-60% - building resilience against future setbacks and shocks.
What's even better, our FAST loan program not only benefits women in savings groups, but also builds gender diversity in the local microfinance offices through the hiring of female field officers.
Over the next 8 years, we plan to reach everyone everywhere we work in 10 countries with the tools they need to lift themselves out of poverty - including FAST. That's 10 million people.
"When we focus on women and girls, we are accelerating the end of extreme poverty. I've seen, time after time, how getting money into the hands of a woman will benefit her children, her family, and her community.
We know that women have a God-given desire to care for their children and contribute to their households. When women in poverty learn new skills, they use them to generate income. When we introduce them to a savings group, they gain financial literacy. And when they get access to loans, they start businesses or expand existing ones.
Additional income can be used for more nutritious meals and school fees for children. And because women naturally share what they learn, they mentor other women and benefit even more households.
And when a girl grows up seeing her mother financially contribute to the household, she learns how to be a strong woman too.
It's true that when girls and women have the opportunity to reach their full potential, everyone wins.
I invite you to join me on the journey of empowering women and girls for a stronger world!"
Gina Buser is Chief Executive Officer at Traveling Coaches and Alterity Solutions, a World Vision partner, and a member of the Strong Women Strong World Council.
Gina in Zambia with an amazing woman who was so proud of her new brick house, thanks to training and economic opportunities through World Vision.
New: Virtual Event in July
What’s it like to live on less than $1.90 a day?
Sadly, millions of parents and children around the world know the answer all too well—a daily struggle to survive. It’s extreme poverty.
World Vision and our partners are scaling up our proven, game-changing approach to working with these precious people God loves, who just need a hand up.
A recent external study showed that the incomes of people who participated in our THRIVE program are now nearly TEN TIMES what they were at the beginning. And women, especially, were empowered socially, economically, and personally.
What’s the secret? Join us for this powerful one-hour virtual event to find out and meet people just like you and me—people who were made to thrive!
RAISE AWARENESS | Help us inform more people about the obstacles women and girls in the developing world face and inspire them to take action. You can engage with our posts on Facebook and Instagram,or forward this newsletter to someone you think would appreciate it.
USE YOUR INFLUENCE | Conflict continues to be the primary driver of an alarming rise of food insecurity and malnutrition, particularly among refugees, internally displaced people, and the most vulnerable. Use our simple, pre-filled form to contact your Representatives and ask them to co-sponsor the new bipartisan HR 922 which calls on the US Government to use diplomatic efforts to address instances where hunger is being used as a weapon, address food insecurity through continued humanitarian response, ensure interagency preparedness and integration, and to consider additional tools, where appropriate, to hold individuals, governments, and militias accountable for using hunger in conflict.
INVEST IN WOMEN AND GIRLS | Now you can DOUBLE YOUR IMPACT.Every $1 given to the Strong Women Strong World™ Fund will be matched* with a $1 donation to programs that empower women and girls, thanks to our generous SWSW partner, Clean Water Here.
In 2021, 90 percent of World Vision's total operating expenses were used for programs that benefit children, families, and communities in need. Learn More.
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