Bridging the Gender Gap in Financial Inclusion: The Impact of Village Savings and Loans Associations (VSLA) in the Lives of Women

The Women's Voice and Leadership (WVL) Nigeria Project, funded by Global Affairs Canada and implemented by ActionAid Nigeria, addressed significant financial exclusion among Nigerian women, particularly in informal economies, by deploying the Village Savings and Loans Association (VSLA) model. 

This community-based microfinance initiative empowers women by providing access to savings, loans, and financial literacy, while also fostering social cohesion and leadership development. The VSLA scheme, involving 532 groups and 13,911 women across five states and the FCT, has enabled participants to collectively save over N408.8 million and receive N417.5 million in cash share-outs, leading to the creation and enhancement of numerous women-led businesses. Beyond financial gains, the project has improved women's financial literacy, strengthened social bonds, increased their decision-making power within families and communities, and even enhanced literacy skills for some participants. 

The success stories, such as Rakiya Aliyu's, exemplify how VSLA has transformed lives by breaking cycles of poverty and fostering financial independence, with sustainability plans including capacity building, linkages to formal financial institutions, and replication of groups.