A Simple, Powerful Idea
The more than two and a half billion people who live on less than $2 a day need a better way to save and borrow. Members save what they can in a communal pot and loan their growing fund to each other for their short-term needs. Jeffrey Ashe and Kyla Jagger Neilan illustrate how these savings groups form and function and how little “outside” support is actually required for their success. Savings groups are a “catalytic innovation” that bypasses subsidies, dependency, and high costs while effectively increasing food security, building assets, and empowering the community. Today, saving groups have 10 million members around the globe – with minimal support, membership could grow to ten times this number. Check out the recent piece in the New York Times on savings groups and Jeffrey Ashe.