Description
Women in India hold the key to their family’s prosperity. According to World Bank, India could boost its growth by 1.5 percentage points to 9 percent per year if around 50% of women prosper financially. Women’s innate prudence in saving money forms the bedrock of this prosperity. For generations, they have saved every rupee, meticulously tucking away money in secret corners of their homes - hoping to grow this money into an asset that could fulfil their family’s dreams or act as a safety net for a rainy day. Yet financial Inclusion for women remains elusive. 80% women in small-town and rural India do not have access to banking. Their painstakingly saved money never reaches the formal banking system, hence remains stagnant and vulnerable. ESAF addressed this inequity by building on a culturally rooted habit- saving in rice containers- as a bridge to formal banking. Our effort enabled 121,670 women to open their first bank accounts, securing their savings and allowing them to grow.
