"Financial Inclusion of women is not just finance; it is all about equality and social justice".
Kalighat Society for Development Facilitation (KSDF), with the support of Citi Foundation’s India Innovation Grant Program, will empower women self-help groups and their federations to be agents of change in their communities through the Ascent-Women led Financial Inclusion Initiative.
Starting in 2016, through the Ascent-Women led Financial Inclusion Initiative; KSDF will support the learning of financial and social engineering skills to build the capacity of the women SHGs, their leaders and federations of slum and pavement dwellers’. Community members, through this approach, are expected to change their financial behavior using their own assets and confidently use formal financial services.
In all, KSDF and Citi Foundation hope to provide financial services to 50,000 urban low-income women in Kolkata and improve the financial behavior of 40,000 participants by ensuring they make deposits in their bank accounts, credit facilities and being insured under the Pradhan Mantri Bima Suraksha Yojana and the Pradhan Mantri Jeevan Jyoti Yojana.
By including, educating, and encouraging low-income women to follow and implement good financial behavior, Citi and KSDF are ensuring more and more save regularly, and spur the use of other financial services. Empowering women can empower an entire household, and if scaled, can strengthen an entire nation.