The Reach to Excel II – Enhanced Financial Inclusion for Rural Women works to enhance the economic empowerment of rural women through promoting VSLAs as a cornerstone of the Vietnam Women’s Union activities.
Background
Financial inclusion
According to the 2017 World Bank Database (Findex), only 30% of male and 31% of female adults in Vietnam have access to formal financial services, one of the lowest rates in East Asia. Many people in rural areas are excluded from access to financial services.
Based on various gender analyses conducted by CARE, women are particularly vulnerable to financial exclusion and affected by gender inequality, combined with traditional cultural norms. These factors have a strong influence on women’s decision-making and participation at the community level. The research study also found that while making on household finances and farming practices, husbands most often have final decision-making power on livelihoods and large expenditures.
Reach to Excel
From January 2018 to December 2019, CARE collaborated with Procter & Gamble (P&G) to implement the project Reach to Excel: Enhanced Financial Inclusion for Ethnic Minority Women in four mountainous provinces in the North of Vietnam (Hoa Binh, Son La, Dien Bien, and Bac Kan). The partnership with P&G has enabled CARE to set up 260 Village Savings and Loans Associations (VSLAs), which have directly helped 5,196 remote ethnic minority women become more economically self-sufficient. Many VSLA members reported that they can save more money and invest in their children’s education, household livelihoods, and income-generating activities.
After phase I of the project, the VSLA model has been proven to be suitable for women groups to help them not only access financial literacy, and manage income but also build up their confidence and encourage discussion between men and women in decision-making. VSLA model has been highly appreciated in all project’s implementing areas. R
Reach to Excel II
Recognizing the model’s effectiveness, CARE collaborates with the Vietnam Women’s Union and the fintech company Canal Circle to replicate the VSLA model nationwide throughout knowledge transfer and technology adoption in phase II of Reach to Excel. The Reach to Excel Phase II is co-funded by P&G and the Peierls Foundation. The project is also called “Savings for Change” under the Peierls’s contribution.
Objective of Reach to Excell II
Through the Reach to Excel II project, care works to enhance the economic empowerment of rural women by promoting VSLAs as a cornerstone of the Vietnam women’s union activities.
- The Vietnam Women’s Union staff fully master the VSLA model.
- VSLAs are replicated by provincial and sub-provincial Women’s Union in at least 14 provinces in Vietnam.
- Success stories and consolidated learning are widely shared with stakeholders in Vietnam and beyond.
How does Reach to Excel II work?
- Capacity building and knowledge transfer on VSLA establishment and operation for VSLA agents from the Women’s Union
- Diversify learning channels and forms of training to share knowledge, information, and experience among VSLA leaders and VSLA agents through the Center of Excellent
- Apply mobile application for VSLA management
- Seek opportunities to replicate the VSLA model by conducting research and documenting successful stories to share with stakeholders
Participants of Reach to Excel II
7,500 women in rural areas, of which 70% are ethnic minority women
Location
Yen Bai, Phu Tho, Tuyen Quang, Thai Nguyen, Ha Giang, Cao Bang, Lang Son, Bac Giang, Hue, Quang Tri, Lam Dong, Gia Lai, Soc Trang and Tra Vinh
Time
1/2020 – 12/2021
Donor
