Oxfam America has pioneered an alternative microfinance model called Saving for Change, which self-replicates on a large scale and at a low cost, serving those who have been left behind.

Having more money to contribute to the family needs and expenses is a change in the role of women in the family. Men can see the benefits of the program, and their acceptance is important because participation in Saving for Change involves a time commitment from the busiest person in the family. “With Saving for Change women have two hours each week to talk among themselves, and they can have a break,” Sissoko says, “They enjoy the company of their friends. It’s really important to have this space. More and more, the men are allowing this time, and things are changing slowly. Many of the women are starting to wear better clothes, and the families are eating better. The health of children and their families are improving also, and men appreciate this.”

But membership in a Saving for Change group goes beyond money and fellowship. “In most cases women do not get much information or training, but with the Saving for Change program they can get training among themselves,” Sissoko says.

“Encouraging women to run their own group builds autonomy, and this also builds confidence,” said Vinod Parmeshwar, Oxfam’s program officer for the Saving for Change program in Boston. “The fact that these women are willing to invest their time and effort into forming these groups themselves shows the immense value Saving for Change brings to their lives.”

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