Savings Groups and Women’s Financial Inclusion

This FSD Africa briefing highlights the persistent gender gap in financial inclusion in sub-Saharan Africa and presents Savings Groups as a successful strategy for empowerment. These member-owned groups provide low-income women with access to savings, credit, and insurance, serving as a pathway to formal financial services. The FSD Network has invested over $28 million since 2008 to expand these groups across several African nations and is partnering with the SEEP Network to generate evidence on their impact on women's empowerment.

• Women in sub-Saharan Africa face significant financial exclusion, with fewer than 30 percent holding accounts at financial institutions. This exclusion is most acute among young women, the rural poor, and marginalized populations. The gender gap in financial access remained essentially static between 2011 and 2014, driven by constraints such as time poverty, adverse social norms, reduced mobility, documentation and collateral requirements, and gaps in digital and financial literacy.
• Savings Groups consist of 15-25 self-selected members who manage their own savings and provide small loans to one another. These groups are designed to be institutionally and financially sustainable, typically operating independently after a one-year training period. Globally, there are an estimated 700,000 active groups with 14 million members, 80 percent of whom are women, managing average assets of approximately $1,200 per group.
• Participation in Savings Groups has a positive effect on resilience, self-confidence, asset accumulation, food security, business investment, and access to credit and savings. When paired with complementary services, they can improve maternal, child, and newborn health, as well as gender norms and financial capabilities. Additionally, they act as a bridge to formal financial inclusion; in sub-Saharan Africa, approximately one million women and girls have accessed formal financial services through these groups over the last decade.
• Since 2008, the FSD Network has invested more than $28 million in Savings Groups within sub-Saharan Africa. These investments have expanded outreach in Zambia, Rwanda, Uganda, Tanzania, Mozambique, and Kenya, while supporting research, innovation in technology and delivery channels, and partnerships between financial service providers and Savings Groups.
• FSD Africa and the SEEP Network formed a partnership in 2016 to improve the use of evidence for Savings Groups in sub-Saharan Africa. The initiative aims to produce over 20 knowledge products and host more than 30 learning events. A specific one-year study planned for 2018 focuses on the role of Savings Groups in women's reproductive, political, social, and economic empowerment.

APA

Panetta, D. (2018). Savings Groups and Women’s Financial Inclusion. FSD Africa. https://fsdafrica.org/wp-content/uploads/2025/05/Savings-groups-focus-note-02.03.18.pdf

Chicago

Panetta, David. Savings Groups and Women’s Financial Inclusion. FSD Africa, 2018. https://fsdafrica.org/wp-content/uploads/2025/05/Savings-groups-focus-note-02.03.18.pdf.

Wikipedia

{{cite report |last1=Panetta |first1=David |title=Savings Groups and Women’s Financial Inclusion |publisher=FSD Africa |date=March 2018 |url=https://fsdafrica.org/wp-content/uploads/2025/05/Savings-groups-focus-note-02.03.18.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{panetta2018savings, author = {Panetta, David}, title = {{Savings Groups and Women’s Financial Inclusion}}, institution = {FSD Africa}, year = {2018}, month = mar, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Savings-groups-focus-note-02.03.18.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }