LocationsEmpowering Women in Vanuatu in the Informal Sector: A Pathway to Sustainable Development
October 29, 2024
Market For Change (M4C) Saver Plus launch in Vanuatu.
In the informal sector, women play a crucial role in driving local economies and supporting their families. However, many face challenges in managing their finances and achieving long-term savings goals. Recently, a new savings initiative was launched in Vanuatu, with a focus on providing these women with the tools, knowledge, and support they need to set and achieve their financial goals, ultimately leading to greater financial independence and stability.
The SAVER PLUS Initiative, a collaborative effort with ANZ Bank, showcases the power of partnerships in driving financial empowerment. Launched initially in Fiji and now extended to Vanuatu, this initiative is made possible through the partnership with ANZ Bank and the UNDP Pacific Office. It aims to empower rural women market vendors by providing them with the tools and knowledge to set and achieve financial goals through vision boards and targeted savings plans, with incentives for reaching their savings targets.
The initiative focused on key elements:
- Financial Literacy and Education:
- Workshops and Training: women vendors were offered comprehensive financial literacy programs that cover budgeting, saving, and smart spending.
- Vision Boards: Women vendors were encouraged to visualize their financial goals and create actionable plans to achieve them.
- Targeted Savings Plans:
- Personalized Savings Goals: women vendors were supported to set realistic and achievable savings targets based on their individual circumstances.
- Incentives for Savings: ANZ Bank will provide incentives, such as matching contributions or rewards, for reaching savings milestones.
- Community Support and Networking:
- Peer Support Groups: UNDP will work with Silae Vanua Market Vendors Association to create networks where women can share experiences, challenges, and successes, creating a sense of community and mutual support.
- Mentorship Programs: UNDP will ensure the women vendors connect with ANZ Bank mentors who can offer guidance and advice on financial management and business growth.
- Access to Financial Services:
- Banking Access: All market vendors were able to open bank accounts with ANZ, and this was made possible through this new savings initiative as a partnership with the financial institutions to provide accessible banking services tailored to the needs of women in the informal sector.
- Success Stories and Role Models:
- Highlight Achievements: Shared below are two inspiring stories of women who have successfully achieved their savings goals and improved their financial situations.
- Role Models: UNDP will ensure there is a feature role model who can inspire and motivate others to pursue their financial goals.
Market vendor, Jacklyn Samson, at Port Villa Market in Vanuatu.
Empowering Women, Building Futures: Achieving Savings Goals in the Informal Sector
Ms Jackyln Samson, 50-year-old from Teouma and trades at the Port Vila. She has been selling local kumala, manioc, taro chips, fruits, and vegetables. Jackyln has been a dedicated market vendor, selling vegetables and fruits at the main market for many years. With her children grown and independent, she decided to simplify her market offerings to local chips and occasionally vegetables and fruits. Through the SAVER PLUS training, Jackyln realized the unnecessary expenses she had been incurring over the years. She used to spend her earnings impulsively without any savings plan. The two-day training provided by ANZ was a turning point for her. She learned how to manage her finances better, spend wisely, and save for the future. Jackyln is now more confident in her financial decisions and is grateful for the knowledge and support provided by the initiative.
Market vendor, Isabel, at Port Villa Market in Vanuatu.
In addition, 46-year-old Ms Isabel from Badinerie Estate, cooks and sells food at a local restaurant at Port Vila Market. Ms Isabel, a businesswoman without prior knowledge of banking and savings, expressed her gratitude for the SAVER PLUS initiative. The two-day Money Minded training significantly enhanced her understanding of financial management. Isabel realized that she had been spending money on unnecessary items, like buying meat when she already had enough at home. The training broadened her knowledge and skills on how to save money from her daily earnings. She shared her newfound knowledge with her colleagues at the local restaurant, who are eager to participate in future training sessions. Isabel is thrilled about the opportunity to save money for her business and her family’s future, thanks to the support from ANZ.
This partnership will ensure no one is left behind in accessing financial literacy, targeted savings plans, community support, and access to financial services as we progress towards empowering women and building a better future with aims to transform the lives of women in the informal sector. This initiative will not only help women achieve their savings goals but also empower them to build a secure and prosperous future for themselves and their families.
As we invest in women, we recognize that we are also investing in families and communities, thus contributing to greater national success where women thrive and contribute to the economic growth of their communities. The SAVER PLUS Initiative will ensure investing in women is making a tangible difference in the lives of rural communities in Fiji and Vanuatu.
Saver Plus Initiative team.
We strive to continue to equip the women vendors with financial literacy and savings programs, to help them achieve financial independence and stability and the success stories of Jackyln and Isabel resonates well and captures the highlight of transformative impact of the program, showcasing how financial education can empower individuals to make informed decisions and secure a better future for themselves and their families.
The Markets for Change (M4C) Project contributes to the 2023 Agenda for Sustainable Development. The M4C Project directly contributes to multiple Sustainable Development Goals (SDGs) and supports SDG 5 on Gender Equality, SDG 8 on Decent Work and Economic Growth, SDG 10 on Reducing Inequalities and SDG 11 on Sustainable Cities and Communities. The project ensures equality and economic empowerment for all, including me, women, youth, people with disabilities and marginalized minority groups.
The M4C project is implemented by UN Women in partnership with UNDP and with support from the Government of Australia.
For more information, please contact:
Josian Merick, M4C Project Associate | UNDP Pacific Office in Fiji | (E) josian.merick@undp.org
Vilisi Veibataki M4C Project Manager | UNDP Pacific Office in Fiji | (E) vilisi.veibataki@undp.org | (Phone) +679 3227701
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