Access to Finance

SolKomYo promotes financial literacy and access to community savings banks in the regions it works.

Through an integrated “Financial Literacy” course, on how to apply basic financial practices for community members, the course aims to increase the workers’ understanding of key financial topics, and encourages savings and better allocation of household expenses.

Solkomyo helps community groups begin self-financed community banks (CAF), to have a resource in which participants can save and invest after they finish the financial literacy course. The CAF model, facilitates small cluster lending among communities in Ouanaminthe in which low-income individuals form groups to create financing and savings opportunities which gives them access to micro-credit and other financial services that they are often without.

The Association for Self-Financed Community Banks (ACAF), led by Ashoka Fellows Salomón Raydan and Jean-Claude Rodriguez Ferrera, creates banks that pool community resources to provide for local financing needs. These Self-Managed Financial Communities (CAFs) carry out their own savings and loan programs. Learn more here.

Impact

  • 20 community banks running in the northeast of Haiti, including among our agriculture group, female merchant group, and textile workers
  • Accumulted US$5,000 in savings
  • Participants invest in income generating activities and education for their children
  • Over 300 community members have graduated from the financial literacy course

To learn more about how CAF’s had been replicated in Haiti, read here.

 

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