Helping women to become self-sufficient through microfinance
The United Nations seeks solutions to end poverty and aim to address Gender Equality as part of its Sustainable Development Goals. The Victor and Victoria Foundation share the same vision and have been working closely with vulnerable women in underserved communities since 2021.
Historically, microfinance has been instrumental in empowering women in developing countries by providing them with opportunities for economic independence and entrepreneurship. We started a micro-finance initiative in response to the needs of women in the Waterloo community. Some are single parents struggling to meet the demands of their families, others are unemployed and illiterate, having no income or access to bank loans. I have observed that these women are hard-working and if they are supported financially, they will allocate resources towards their children’s education, nutrition, and healthcare, leading to improved overall family well-being.
We initially offered an interest-free loan of 30 pounds to each beneficiary, in a group of 25 women. The women embarked on small-scaled businesses, selling charcoal, fabrics, bath soaps etc. Some expanded their businesses to generate more income, and contribute to their households’ financial stability. The co-ordinator of VVF has now concluded “micro-finance is breaking the cycle of poverty, it has made an impact that I am really proud of.”
Through our microfinance program, Isatu not only received funding to start a grocery business but also benefited from training and mentorship opportunities that equipped her with the necessary skills to manage her business effectively. As a result, she has experienced increased financial stability and confidence, which has had positive ripple effects on her family, especially her children, who no longer have to worry about basic necessities like lunch allowances.
