The MasterCard Foundation Expands Savings Services for the Poor

Concurrently, over the next three years, CARE will found new VSLAs in Rwanda, where 37 percent of the population is too poor to meet even their basic nutritional needs. This $4 million program - $2 million from The MasterCard Foundation and $2 million from the Canadian International Development Agency - will allow some 540,000 people to build sustainable livelihoods with access to financial resources they never had before. The program will test several innovations to enhance CARE's already successful VSLA model. For example, CARE will help banks and microfinance institutions to customize their products and services to serve VSLA groups who need more diverse products and are ready for larger loans.