Increasing Financial Independence through Microfinance Institutions for Cuencan Women

Sugden, Isabela; Morris, Akil; Gallego-Borkowski, Maya

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Increasing Financial Independence through Microfinance Institutions for Cuencan Women

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This study focuses on Ecuadorian savings cooperatives, known as Cajas, which provide a vital resource for community members, particularly women, to access loans. Despite their success since their implementation, Cajas lack organized structure, resulting in inconsistencies across the different institutions. This project aims to address this gap by creating a comprehensive guide for establishing and maintaining Cajas, as well as promoting collaboration and communication within the network of Cajas. Conducted in Cuenca, Ecuador, the research used qualitative methods such as semi-structured interviews and ethnographies to analyze the structure and efficacy of various Cajas. Key findings include the emphasis on community, and trust within the Cajas, as well as the presence of male members and Junior Programs within some of the Cajas. The study also highlights the need for further communication between Cajas, as well as a more standardized structure. The deliverables include a manual for Caja establishment and operation and a quarterly newsletter to encourage Caja communication. Recommendations include enhancing organizational systems, fostering collaboration, and implementing incentivization programs to promote Caja growth and efficiency. This project contributes to the advancement of microfinance opportunities for low-income women in Ecuador and serves as a blueprint for sustainable community-based financial initiatives.

This report represents the work of one or more WPI undergraduate students submitted to the faculty as evidence of completion of a degree requirement. WPI routinely publishes these reports on its website without editorial or peer review.

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