Financial Promise for the Poor: How Groups Build Microsavings
Kim Wilson, Malcolm Harper, Matthew Griffith
Kumarian Press, 2010 - Political Science - 242 pages
* Balanced assessment of recent savings-led programs in microfinance
* Contributors include wide range of scholars and practitioners
The entry of the private sector into financial services for the poor is a relatively new development, but already the glossy promises of credit-led microfinance are facing scrutiny from the development community. Policymakers and economists have begun picking through the hype of microfinance to identify where and how top-down loans might fit into broader human development efforts. To many, the answer involves shifting focus to another financial service: savings. Serving as a strong and perhaps more effective tool than microcredit, microsavings is quickly becoming a lauded poverty-alleviation tool.
Contributors to Financial Promise for the Poor cover current innovations in microsavings happening around the world. They describe how savings group members in the developing world are avoiding many of the financial liabilities and debt of other microfinance programs while gaining skills and finding opportunities in collective enterprise. The turn from credit to savings speaks to the growing empowerment of individuals and communities as they break the bonds of indebtedness and find their own paths to financial security.
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Africa agencies agents agriculture AKRSP Alube amount areas ASCAs assets bers borrow capital cash Catholic Relief Services CEDAC Chalatenango clients community-managed cost deposits dhukuti dollars donors drought El Salvador expansion fees financial institutions financial services green box group fund group members group savings household income increased India individual ings groups interest internal invest Jipange Sasa Kenya Khakhrisal Kibera Kim Wilson linkages literacy livestock M-PESA Mali Matthew Griffith Mazarpara members save methodology MFIs microcredit microfinance institutions million months mutuelles Nepal NGOs operations organizations Oxfam America Pakistan participants pastoralist percent poor poorest promotoras rates record-keeping region repayment reported ROSCAs rural Salvador savers Saving for Change savings and credit savings and lending Savings and Loan savings groups savings-led microfinance SHGs social staff tion trainers Uganda Village Banks women WORTH xonchois