Scaling Up Financial Inclusion for Vulnerable Women and Youth: Proyecto Capital
Access to formal financial services can help the world's poorest people escape from poverty and reduce their vulnerability. This project will help increase the economic security of vulnerable women and youth by promoting financial inclusion programs that address the needs of the poorest. Social programs to change lives While nine out of 10 high-income adults in Latin America have a savings account at a formal financial institution, less than three out of 10 low-income adults do. Proyecto Capital (PK) provides solutions to help people overcome this challenge through innovations in social policy programs. PK works with financial services providers to develop innovative and pro-poor financial products and delivery channels. It provides technical assistance to help organizations design and implement financial inclusion initiatives linked to social grants. The initiative also generates and shares evidence to foster financial inclusion for poor households and broaden their economic opportunities. The Instituto de Estudios Peruanos (IEP) and Fundacio¿n Capital manage PK through support from the Ford Foundation and IDRC. Stronger finances, broader reach PK has enhanced the financial capabilities of 400,000 poor women. This new project aims to expand this reach to at least one million poor people. It will -reach young people and indigenous populations -support the development of national financial inclusion strategies in at least four countries in the region -enlarge PK's coverage from 12 to 16 countries -build local leadership to implement financial inclusion initiatives and national financial inclusion strategies -work with the private sector to develop financial products and services that respond to the needs of vulnerable young people and women PK aims to ensure that 10 million people living in poverty in Latin America will have access to financial services and enhanced economic opportunities by 2020. This project is a new partnership between IDRC and the Ford Foundation.