By Michelle Nunn, CARE President & CEO
Imagine a network of tens, hundreds, thousands of tiny independent businesses across villages, districts, and even entire countries. What could they do for jobs, goods, and services in their local areas if they aggregated their efforts at scale? What value could they bring to national economies and global supply chains?
That vision is what we’re working towards for the 30 million people across 67 countries who are members of Village Savings and Loan Associations, or VSLAs. We’re supporting them to expand their farms, invest in growth, and collectively build new businesses and partnerships which help them thrive. If even just a fraction of them succeeds, they have the power to build stronger economies and help everyone prosper. Of all the possible solutions to poverty for families, the most fundamental is ensuring women can earn more and have control of their financial resources. When women are able to earn, they reinvest most of their income in their families and communities, fueling better outcomes in nutrition, health, and education for all.
Globally, more than 700 million women remain unbanked (World Bank, 2025). Programs like Mastercard’s Ignite have already shown what’s possible when women entrepreneurs gain access to capital—unlocking more than $200 million in loan capital. Now, imagine the impact if millions of VSLA members could tap into similar opportunities for growth.
We’re already seeing this happen—and we’re investing in the systems which will help women’s microenterprises succeed.
As in all our work, this is led by what women tell us they need. Women like Ely, an entrepreneur I met in Honduras who started out selling food from a rented tent. Today, having joined a VSLA which gave her access to loans, training and support, her thriving restaurant has walls and serves delicious burgers. As her business grew, so did her need for larger loans to invest in expansion—to overcome these challenges CARE worked with Ely and other members to legally register their savings group, giving them access to a credit fund for women through the government which supported her business plan.
For markets to work for women, supply needs to meet demand. Our partnerships with tech companies are designing products which are viable for business, ensure digital innovation is driven by women, and hold potential to exponentially increase our reach.
For example, Ugandan Fintech Ensibuuko is driving the Chomoka app—originally developed with CARE—forward in new ways through deep engagement with women as new features are developed. Our latest collaboration introduces a digital credit scoring tool, which means savers across Uganda can access larger loans. This has been life-changing for women like Mbo, a refugee from DRC, who used a larger loan to open a shop which serves her local community.
In a world where aid budgets are shrinking and global uncertainty is rising, VSLAs are proving their worth as a powerful tool for facing any challenge. After five years of piloting VSLAs with over 25,000 people in crisis settings, we’ve seen how savings groups are helping women recover and plan for their futures. Organisations like Oxfam, the World Food Programme, and the UN Food & Agriculture Organization recognise this potential and are now adopting VSLA in Emergencies to reduce reliance on aid and support community-led recovery.
Whether women join savings groups in emergencies or through long-term development programs, our goal is the same: to support them when they’re ready to take the next step. Even in crisis, we see women building strong support networks and launching joint business ventures. That’s why we’re focused on equipping them with practical business skills and connecting them to innovative digital finance—so they can grow, lead, and thrive.
Women continue to face unimaginable hurdles as they strive to build a future for themselves and their families, but the savings groups at the heart of so much of CARE’s work give me hope. Not just because they deliver an extraordinary return—$18.85 for every $1 invested in VSLAs over five years—but because of the resilience and enterprise shown by women shaping their local economies. Just last year, members saved $1.8 billion and accessed $105 in microloans to invest in their families and communities. This movement, built by women since the first savings group in Niger in 1991, now holds the potential to create millions of jobs and unlock billions in capital—if we invest in the systems that help it flourish.
I encourage you to find inspiration in this report—in the stories of women who started saving with VSLAs and went on to create their own economies which are leading their communities to prosperity.