Senegal

GLI for Credit Unions Activity

Developing a Gender Lens Investment (GLI) Methodology
April 2020 - January 2022
 

Project Overview

USAID’s Office of Gender Equity and Women’s Empowerment (USAID/GenDev), through INVEST, is supporting women’s entrepreneurship and economic empowerment through a range of innovative and blended finance approaches. These approaches include:

  • Promotion of gender smart investing.
  • Expansion of financial services to women through innovative channels.
  • Empowerment of women through workforce development opportunities and the strengthening of the enabling environment.

As part of this effort, World Council of Credit Unions (WOCCU) will pilot a Gender Lens Investment (GLI) methodology for credit unions worldwide to integrate optimal systems to connect women with needed capital. As community-centered financial cooperatives, credit unions are ideally positioned to deliver blended capital solutions that increase investment in women-led businesses.

According to UM-PAMECAS, the national credit union association of Senegal, an estimated 51% of all credit union members within the PAMECAS network are women. To understand the credit union GLI market, WOCCU will conduct a gender-lens market survey analysis and design a customized set of tools – our GLI Accelerator Kit – that credit unions can adopt to better serve women entrepreneurs and women-led businesses. Increasing women’s access to capital offers the exciting potential of delivering both increased gender equity and financial returns.

WOCCU’s GLI Credit Unions Activity will encompass the development, deployment, and scaling of the GLI Accelerator Kit over three phases. After the research and market analysis phase is complete, and the methodology is developed, WOCCU will identify credit unions in Senegal to pilot the GLI Accelerator Kit.

During the pilot phase, WOCCU will refine the GLI Accelerator Kit and build capacity at the national and local levels to utilize the Kit and apply learnings into new credit methodologies. The pilot will aim to improve the readiness of credit unions to increase access to credit for women in Senegal. WOCCU will lead both national and local counterparts in Senegal, as well as its Global Women’s Leadership Network (GWLN) in the implementation of this activity.

Beyond the pilot credit unions, WOCCU will continue to disseminate and support the adoption of the Kit by integrating it into the set of technical tools offered to its global members  and through its economic development projects.

Quarterly Update – June 2020

WOCCU has completed its first deliverable under INVEST: a global overview of GLI integration within credit unions. Starting this month, WOCCU will begin designing its workplan with in-country partners, followed by a detailed market assessment to start in August.

 

Credit Unions in the Country

  • 210 total credit unions
  • 2,758,743 members
  • USD  33,716,992 in assets
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