The MasterCard Foundation Expands Savings Services for the Poor

VSLAs are self-managed savings groups that receive no external funding. The accumulated savings within each group is made available in small loans to members. Each group sets its own rules about membership, savings and loans. The model, pioneered by CARE in 1991 in West Africa and adapted over the years, has proven to be a cost-effective means to ensure poor populations have access to appropriate financial services.