The MasterCard Foundation Expands Savings Services for the Poor

Concurrently, over the next three years, CARE will found new VSLAs in Rwanda, where 37 percent of the population is too poor to meet even their basic nutritional needs. This $4 million program - $2 million from The MasterCard Foundation and $2 million from the Canadian International Development Agency - will allow some 540,000 people to build sustainable livelihoods with access to financial resources they never had before. The program will test several innovations to enhance CARE's already successful VSLA model. For example, CARE will help banks and microfinance institutions to customize their products and services to serve VSLA groups who need more diverse products and are ready for larger loans.

"Throughout Africa, VSLAs have proven their ability to lift people out of poverty," said Kevin McCort, President and CEO of CARE Canada. "With The MasterCard Foundation's support, thousands will have opportunities they never had before and Rwanda will take another step toward its goal of reducing extreme poverty by 17 percent by the year 2012."

Both programs will experiment with a variety of approaches to ensure high quality, cost-effective replication. The programs will be joined with other savings-led initiatives funded by international donors to compare learnings about sustainable ways to provide financial services to the remote poor.

About The MasterCard Foundation
The MasterCard Foundation is an independent, private foundation based in Toronto, Canada. It was established through the generosity of MasterCard Worldwide customer financial institutions at the time of the company's initial public offering in 2006. The Foundation has more than $1 billion in assets. Its vision is to make the economy work for everybody by advancing effective and innovative programs in the areas of microfinance and youth education. For more information, go to www.themastercardfoundation.org.

About CARE Canada
For more than 60 years, CARE Canada has worked on the front lines, fighting poverty and defending dignity throughout the developing world. Working with the world's neediest people, we provide long-term development and economic empowerment to communities facing challenges like HIV and AIDS, poverty, gender inequality, environmental degradation, natural disasters and conflict. They place a special focus on working alongside vulnerable women because, equipped with the proper resources, women have the power to help whole families and communities escape poverty. For more information, go to http://care.ca/.