From Mexico to Mali: New Funders Enable Deeper Outreach to the Rural Poor
Grants from two new funders are helping Freedom from Hunger reach deeper to poorer people in rural Mexico and Mali. The United States Trade and Development Agency is providing funding through BANSEFI, a development finance bank in Mexico, to hire Freedom from Hunger and Microfinance Opportunities to produce a DVD training module on Financial Literacy. The module will address topics such as savings, remittances and the utilization of financial services in Mexico. The work will be led by the global Financial Education for the Poor team along with Reach Mexico, a.k.a. Alcance, and will include market research on the needs of the rural poor in Mexico, curriculum design and testing, and distribution roll-out to more than 150 financial institutions serving low-income people. Also, a new donor who wishes to remain anonymous has made a three-year $180,000 commitment to supporting savings-led microfinance programs in Mali. This grant will help fund our efforts to reach out to women who are too remote and too poor to participate in standard microfinance programs. The savings-led approach makes it possible for women to develop the habit of saving, to take very small loans when they want to, and to receive education on vital topics such as malaria and microenterprise management.