Innovation for Eradicating Global Poverty
CARE is a premier international NGO which last year worked in 93 countries, reaching 63 million people through 950 programs. As part of its ongoing work, CARE has put a focus on innovation and where various models can be systematically scaled to amplify their impact worldwide. CARE’s work in this space puts it at the intersection of micro-finance, social venture endeavors, impact investing, among other areas to be at the forefront of philanthropy and global development in the 21st century. This event will take participants through one of the more notable projects in CARE’s innovation portfolio:
Village and Savings Loan Associations: In 1991, CARE launched a transformative program in Niger that would change the world. VSLAs offered women, in particular, a safe way to save money and access loans without the need to access outside capital. Now numbering almost 7.6 million strong in 51 countries, 357,000 groups are turning financial independence into better lives — for themselves, their families and their communities. CARE is now exploring further technology solutions to enable access to the formal credit system, and ways for these villages and communities to further economically leverage themselves.
In September 2019, CARE created the Atlanta Global Innovation Hub, which convenes entrepreneurs, technologies, academics and organizations to mobilize tools, opportunities and experiences to solve social impact issues and defeat poverty. Through the Innovation Hub, CARE created the Domestic Village Savings and Loan Association (DVSLA) program – CARE’s first pilot in the U.S. that leverages the proven success of the VSLA approach around the world.