The SaveAct model is a unique adaptation of the Village Savings and Lending Association (VSLA) design, widely applied in Africa.
Since 2008, the SaveAct programme has been applied systematically in South Africa and there has been sustained demand, particularly from rural women, to form groups. Savings groups in South Africa now save on average six times more than groups across Africa.
SaveAct works with NGO partners in eight provinces to scale up the model. In addition to savings and credit facilities, the programme includes financial education and enterprise development assistance.
There are now over 110 000 members who saved R535m ($35m) last year in 5000 groups. The cohort represents a unique opportunity to build pathways for meaningful financial inclusion and poverty reduction.