In Blantyre, Malawi, dozens of women sell potatoes in the marketplace. But Grace Msowoya (pictured right) and her business partner Betty Louhana stand out. Frustrated by their small profit margins, they became the first women to take the bold move of becoming distributors themselves. Every two weeks, they withdraw money from their Opportunity savings to rent a truck. They hire a driver and spend several days on the road to get potatoes directly from farmers, which they then sell to other vendors.

Before Grace became an Opportunity International client in 2007, she kept her hard-earned money hidden in her home. Now, she and Betty are earning interest on nearly $2,000 in a joint savings account (continue reading Grace's story...).

Why Savings?

Historically, people living in poverty in most countries, like Grace, have been excluded from formal banking. Savings were kept in and around homes, or held by collectors who charged high service fees. To provide savings accounts to people who have never had access, Opportunity is building a network of scalable, sustainable and accessible banks throughout the developing world.

For Opportunity clients like Grace, savings bring stability and a means to move away from subsistence living. Interest-bearing savings accounts provide a secure, convenient way for clients to manage money and prepare for a crisis or a business opportunity. Medicine for a sick child can be purchased with a few dollars in the bank. A new roof can be purchased when money builds up over time. A business can be expanded and diversified to increase income.

To help clients choose the best way to grow their savings, Opportunity has designed a range of microfinance savings products based upon flexible minimum deposit amounts, interest rates and terms. Our banks use these savings deposits to make loans to other people working their way out of poverty, which helps the banks become sustainable and puts more money to work in the community. Download "Building Access to Savings" to learn more.

From Our Partners at Opportunity International UK