Ten Years of Saving for Change
Saving for Change celebrates ten years of women's economic empowerment.
In 2005, Oxfam America teamed up with Freedom from Hunger and the Strømme Foundation to launch Saving for Change (SfC). This grassroots approach to poverty alleviation and economic empowerment first began in Mali, and later that same year in Cambodia. In the last decade, SfC expanded to three more countries – Senegal, Guatemala, and El Salvador – and today reaches more than 730,000 members who have collectively saved $55 million USD.
The basic methodology is simple, yet effective. SfC empowers groups of 20 to 25 members – typically women – to meet weekly and save small amounts of money in a metal lockbox, ranging from a few cents to a few dollars. With initial training provided by Oxfam and local partners, members learn to self-manage, collectively establishing group rules on savings, loans, fines, and repayment. When members meet, they also develop bonds of mutual assistance and solidarity, which builds social capital.
Effectiveness
In 2012, Oxfam conducted a large-scale Randomized Controlled Trial combined with in-depth qualitative research to measure the program’s impacts in Mali. Results highlight an increase in savings, food security, investment in livestock, greater access to credit, and confirm an outreach to the poor. Further, groups were shown to function independently after one year of support. Seeing the inherent value in community-driven financial services, group leaders were inspired to create new groups based on local demand. Oxfam assisted them in their efforts by providing specialized trainings.