Today’s Revolutionary:

Okay, okay, I know that Arizona has come down on the wrong side of some issues. For instance, in this state bathed in sunlight, they have a tax on rooftop solar collectors. Don’t get me started on that.

But I also admire their extreme independence, even when they are wrong - and sometimes they are right. For instance, they have refused to participate in the national nuttiness that is Daylight Savings Time. Arizonans say, reasonably, If you want more sunlight, just get up earlier. Good for them. End of story.



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Savings Groups are catching on in Europe and North America.

Follow this movement, and maybe get involved yourself.

Start by reading the Northern Lights page of Savings Revolution.

Then, if you like, contact us below, and we can talk about how you can form your own groups. We’ll put you in touch with someone who can help you do that!

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    Favorite Sites

    Here are some other sites that Kim and Paul read, that we think you might enjoy.


    Winkomun: This is a site of the ACAF network, mostly in Europe. They are doing great work and are Northern Lights leaders. Nice video where various members answer the question, “What is a Group”? Also available in español, català, and français. Where else can you get news about Savings Groups in Catalan?

    The SEEP Savings Led Working Group site. Congratulations to SEEP for putting together this comprehensive, easily accessible go-to site on savings groups. Check out their library, their report on outreach by country, and lots of other goodies.

    Village Finance Blog. Brett Hudson Matthew’s thoughtful posts are grounded in an understanding of oral cultures, history, and social dynamics. Recommended for anyone trying to understand what’s really happening in savings groups. 

    Institute for Money, Technology and Financial Inclusion at UC Irvine. “Its mission is to support research on money and technology among the world’s poorest people. We seek to create a community of practice and inquiry into the everyday uses and meanings of money, as well as … technological infrastructures”. ‘Nuff said.

    David Roodman’s Microfinance Open Book Blog. David Roodman combines intelligence, honesty, and a sense of humor. He attempts to bring intellectual rigor to the analysis of the impact of financial services, and isn’t afraid to ruffle a few feathers in the process.

    Clean Air, Bright Light. This site by Savings Revolution co-founder Paul Rippey contains useful information about lessons learned in using savings groups to promote clean lighting. Still in development but check it out anyway!

    Center for Financial Inclusion. CFI supports traditional microfinance to become more client friendly, more inclusive, and generally smarter. They have a long-term vision for the sector, and the blog attracts many good writers and thoughtful comments.

    Nanci Lee’s blog. Nanci Lee’s eclectic site includes Savings Groups, and also poetry, travel, links to interesting successes around the world, nature, art, women’s rights, and transformation. A very personal blog, and worth reading.







    Financial Promise for the Poor 

    Financial Promise for the Poor: How Groups Bulld Microsavings is your go-to book on savings groups. Its contributors are authors you often read in this blog. It covers current innovations in microsavings happening around the world.

    Also, don’t miss…

    Savings Groups at the Frontier, the book inspired by the 2011 Savings Group Summit!

    Buy in UK or US.

    Search Savings Revolution


    Over the last twenty years, many people have become interested in helping poor people around the world get good financial services. Mohammed Yunus and the institution he founded, the Grameen Bank in Bangladesh, won a Noble Prize in 2006 for helping start a movement that has brought financial services to millions around the world. 

    Banks and microfinance institutions are one way to bring financial series to the poor. Savings Groups, managed by the members and based on savings rather than debt, are another solution. In fact, we think they’re such a good solution that they really are revolutionary.

    Savings Groups are self-selected groups of 15 to 30 women and men who get together to save and borrow. Rather than go into debt to an external institution, they manage their own savings through transparent procedures and all the money they earn through interest on loans stays in their village, and in their group.

    This seven-minute video is a great short introduction to savings groups:

    A number of international non-profit organizations work with local partners to train people in villages and cities in how to manage their own savings groups. There are now over five million savings group members in Africa alone, and the movement is also growing in Asia and Latin America. (There are even a few groups in Europe and North America).

    Savings Revolution is designed to help you learn more about Savings Groups, and to get involved with the most exciting new approach to bringing safe financial services to people around the world.


    « The Gold Day Savings Club »

    A Turkish student of mine tells this story:

    In April 2007 I was to be married but did not have enough money to fund my wedding. My sister, Gulsuh Helvaci, lent me $2,275 in gold and asked that I repay her in gold as well. Frankly, I was shocked she had the funds so readily at hand.

    Living in a poor province in Western Anatolia and housed within a small town that receives its income from the production of figs, olives and cotton I was surprised by how Gulsah had been able to gather in the gold. I knew she could save only $6-10 per week, an amount insufficient to open a bank account. In fact, she would need to wait 300 weeks to open an account that offered enough interest to cover inflation. 

    Gulsah decided to take matters into her own hands. With three friends she formed the Gold Day Savings Club. Similar clubs in the area collected gold, dollars or euros but most were characterized by social activities that consumed the contributions of members. Little savings happened. But my sister had a different idea.

    Assembling three other women intent on saving, she set the ground rules for her Gold Day Savings Club. Each member would give 15 Turkish Lira (about $10) per week during Friday meetings. To keep costs low, no treat would be served apart from hot beverages. Immediately following the meeting, the President would purchase one quarter Republic Gold. All gold and any remaining cash would be kept by the President. Lending to members would not exceed twice what a member had saved.  Loans were to be repaid within three months, in gold of course, and in observance of Shari’a, carried no interest.

    All was going well when the price of gold climbed. While the hike was good for the value of the group’s assets, it hampered the continued purchase of gold. The group decided to add six more members. Between 2006 and 2009, the club earned 17 percent on assets in real terms, plus members benefited from the loans.

    As of December 2011, the club had ten members and total savings of $33,000. Despite the club’s success, Gulsah is reluctant to expand club membership. “It is much work to manage meetings with ten members, each bringing along a child, and all of us packed in a 40 square meter room.” But the Gold Day Savings Club is in high demand. While Gulsah and her group refuse to add members, they recognize the need for women to make secure long-term investments and thus have helped two more clubs form nearby.

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