Savings groups linked CCTs

Savings groups linked CCTs

Santo Domingo , Dominican Republic
Organization type: 
nonprofit/ngo/citizen sector
Project Stage:
$1,000 - $10,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

Savings groups pursuing human development (economic, social, and cultural)

About Project

Problem: What problem is this project trying to address?

The problem we are trying to solve is the lack of savings culture. Many people do have access to financial services but they do not use it because there is no discipline and no culture. Financial inclusion cannot be obtained without creating a culture and discipline. We are trying to create savings culture and financial discipline, and therefore genuine financial inclusion for the poor.

Solution: What is the proposed solution? Please be specific!

My solution is to create savings groups for the beneficiaries of the conditional cash transfers (CCTs) program. The number of CCTs is growing fast benefiting 600,000 families (25% of dominican population) but it encourages economic dependency and passive attitudes. For the CCTs to produce better impact in poverty reduction and financial independence, it is inevitable to have connection with savings groups that promote savings culture, sense of independence, autonomy and proactive attitudes.
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

-Initial activities includes 1) reach agreement with government 2) train facilitators 3) identify interested groups and 4) create savings groups -The difference that can create our solution is overall change in attitudes including 1) Long term planning 2) better self-confidence 3) empowerment 4) financial knowledge 5) business initiatives and most importantly 6) a proactive attitude

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

Our peers are UNDP Local Development Agencies, NGOs working in savings groups, Community leaders, Ministry of Economy, planning and development and Programa Solidaridad (Dominican version of CCTs) Our potential competitors are other NGOs promoting savings groups. We are different because our unique methodology is simpler, more efficient and more cost effective. The challenge that we may expect is how to convince government to accept the methodology because government is not familiar with savings groups and has not any known experience of other countries implementing savings groups with CCTs.

Founding Story

When I saw the -Change in way of thinking: People said they learned how to fix a goal and accomplish it through savings groups, they do not consider themselves poor any more, they can dream of something and they know that it is possible. -Simple and effective: savings groups can be replicated and scaled up easily with little money and time. -Sustainability: Once the group is formed, it usually maintains by itself. -Demand: There is a high degree of demand for the program and many express their satisfaction once they learn about the methodology -Adaptability: Since it is simple, it works well under almost any kinds of cultural context.
About You
About You
First Name


Last Name


About Your Organization
Organization Name


Organization Country

, SD, Santo Domingo

Country where this project is creating social impact
How long has your organization been operating?

More than 5 years

Has the organization received awards or honors? Please tell us about them

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How long have you been in operation?

Still in idea phase, but looking to launch soon

Which of the following best describes the barrier(s) your innovation addresses? Choose up to two


Social Impact
Please describe the goal of your initiative; outline what you are trying to achieve

We want to accomplish major and better impact in terms of change in financial culture and discipline for the marginalized people mostly benefited by CCTs. In other words, we would like to reduce poverty by fostering savings, economic autonomy and investment.

Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)

Other (Please describe below).

If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:

Lack of savings culture

For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?

600,000 families beneficiaries of CCTs (Programa Solidaridad) who are under poverty line in the Dominican Republic

Could your solution work in other geographies or regions? If so, where?

Of course. Savings groups have proven successful in a lot of countries in Africa, South America and Asia. Also there are a lot of governments in Latin America implementing CCTs program including Mexico, Brazil, Colombia, Ecuador, Argentina, among others.

If your solution is dramatically successful, how will things be different in 10 years?

-Transformation in mentality, more progressive and proactive.
-Establishment of huge junk of middle class that generates wealth and equality and stability, which would create an economic and social bases for development.
-Improvement in the indicators in human development.
-Disappearance of CCTs
-Elimination of extreme poverty
-Rising of young leaders with business oriented mindset creating an economically active environment

What will have had to have changed to make this happen?

Change in government policy from paternalistic point of view to partnership
Quality training and education opportunities available to all in need.
System that guarantees transparency and provides business friendly environment
Education for culture of peace
Special training to form a big group of young leaders to change the course of country

What has been the impact of your solution to date?

Solidarity and group cohesion
Improvement in:
Savings culture and discipline
Economic power

What is your projected impact over the next five years?

-Social respect for progressive and proactive culture.
-Emergence se of middle class that generates wealth and equality and stability, which would create an economic and social bases for development.
-Improvement in the indicators in human development.
-Decreased beneficiaries of CCTs
-Reduction of extreme poverty
-Rising of young leaders with business oriented mindset creating an economically active environment

What barriers might hinder the success of your project? How do you plan to overcome them?

Inicial resistence of government. We will present a good roadmap with proven evidence that satisfies the interest of government.

Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact

Formation of 600 groups (12000 persons)

Identify three major tasks you will have to complete to reach your six-month milestone
Task 1

Agreement with government to do a pilot program

Task 2

Training 20 facilitators

Task 3

Put in contact between facilitators and beneficiaries of CCTs

Now think bigger! Identify your 12-month impact milestone

Formation of 1500 grupos (30,000 persons)

Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1

Training 50 facilitators

Task 2

Create facilitators network for support

Task 3

Hold an exchange meeting and competition among savings groups

Tell us about your partnerships

UNDP ART, SGP/GEF/UNDP, Good Neighbors, Korean government, Spanish cooperation, Ministry of Economy, Planning and Development

Are you currently targeting other specific populations, locations, or markets for your innovation? If so, where and why?

We are targeting first of all 600,000 dominican families beneficiaries of CCTs and plan to reach Haiti, because both countries' economy is closely related.

What type of operating environment and internal organizational factors make your innovation successful?

We will be working as a team of UNDP and will have operation office in Solidaridad program so that we can help build their capacity and improve communication.

Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list