In Microfinance (MF) we have three main focus areas: (i) Financial Education, (ii) Savings and (iii) Micro-loans. The three of them are equally important to us.
As in other countries (developed or developing ones), the savings rate in the Dominican Republic is limited. And the cost of not saving (ie borrowing) may be high (and under certain circumstances, abusive).
This is the reason why prioritizing savings is one of the pillars in which MF supports its activity. MF offers to all of its associates savings accounts, with immediate liquidity and an interest rate higher than the one offered by the commercial banks. Business saving accounts have been recently added to our product portfolio.
The family savings rate is not necessarily linked to the family income but also to the view and commitment that the family has about savings.
This is why we want to highlight one of our associates, Iluminada, who has been constant and intentional in saving. Every bank meeting since we first met her, Iluminada has set apart some amount of money (sometimes even a small amount) for savings. Iluminada is an example for her family and for her Bank. And it is because of her commitment to savings that Iluminada today is investing in improving the living conditions of her home.
It makes us very happy to be part of what Iluminada is achieving¡
If you are interested in knowing more about our work, please go to the Facts and the Microfinance pages for some insight of what Microfinance is about and interesting information of the country where we are.
If you want to join the team, go to the Donate section.
God bless you.
Alvaro and Raquel