This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

International Savings Groups NGOs Aim For 50 Million Members By 2020

SG2013 conference aims to build support for global savings groups growth

BOSTON, March 15, 2013 /PRNewswire-USNewswire/ -- Last week, international relief and development organization Oxfam America, along with the Aga Khan Foundation, CARE, Catholic Relief Services, CGAP, Freedom from Hunger, Plan International, the SEEP Network and USAID launched "50 by 2020," an initiative seeking to expand savings groups to 50 million members globally by 2020.  The announcement was made at a 2-day conference sponsored by the Bill and Melinda Gates Foundation and The MasterCard Foundation in Arlington, VA held March 4-5, 2013.

(Logo: )

"Savings groups are an integral part of the financial landscape of the poor," said Raymond C. Offenheiser, president of Oxfam America.  "Already, there are 7.5 million people around the world reaping the benefits of savings groups through financial inclusion and social interaction.  We hope to grow this number significantly in the coming years."

Savings groups (SGs) provide access to basic financial services to 7.5 million rural poor people, mostly women, worldwide. These self-selected and self-managed groups provide their members with a secure place to save and easy access to loans.  SGs stabilize income, increase household financial assets and decrease vulnerability to financial and other shocks. They are a simple, transparent, cost-effective and sustainable means of providing basic financial services to the poor and a great platform that can be leveraged to deliver the additional products, services and trainings the groups regularly request.

"Savings groups have quietly but surely become a force to be reckoned with when it comes to financial inclusion," said Sophie Romana, deputy director for community finance at Oxfam America. "Thousands of groups bring crucial financial services to the poorest of the poor, allowing them to save in a safe place, borrow with confidence from their own group, and create social capital they can draw upon in times of crisis."

The conference brought together foundations, financial service providers, bilateral and multilateral agencies, microfinance institutions, international and local nongovernment organizations, and practitioners to highlight the success of savings groups in expanding financial inclusion and creating social cohesion.  In addition to partners and sponsors, experts from Aga Khan Foundation, CARE, Catholic Relief Services, Freedom from Hunger, Oxfam America, Plan International, and USAID participated in the discussion.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs