Finance and Education

Basic financial services are beyond the reach of majority of population across the developing countries. They don’t have access to safe and secure ways to access, build or transfer money. Lack of infrastructure, limited capacity to expand by the existing financial institute, low financial literacy has left the rural communities unserved.

Kadiatu-Brima-loan-committee-member-Bayconfields-CU-attending-a-CDF-workshop-in-Freetown

Research shows that about one-third of the adults – 1.7 billion unbankable adults worldwide have no access to financial services due to a lack of credits or assets from commercial banks[1].   Access to finance will help in day-to-day living and aid in long-term planning and emergencies. Most of the population with access to financial services uses resources to invest in farms, insurance, manage risk, weather shocks, etc.

CDF Canada programs link these ‘unbankable’ men and women to cooperatives or credit unions that they can govern as members and rely on their financial well-being. Credit unions provide safe places to grow savings, access loans, start small businesses and rebound against unexpected events with insurance. Through capacity-building, innovative technologies, inclusive products and services, and promoting good governance, we help strengthen the entire microfinance sector of the countries where we work. In addition, our global exchange programs allow us to disseminate our good practices, innovations, and lessons learned.

[1] https://www.worldbank.org/en/topic/financialinclusion/overview

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