MARCH 2014

IMPACT

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MEET MERCEDES, 75, FROM BOLIVIA

MOTHERS KNOW BEST

Imagine walking past a bank every day

wanting to go inside, but knowing it

represents a part of your society where

you are not welcome.

Many of our Unbound

families in communi-

ties around the world

know this reality all

too well.

With Unbound,

families can gain access to opportuni-

ties once denied them. We provide finan-

cial literacy training and the chance

for mothers to manage a bank account

for the first time. These women feel

empowered as they see their signature

or thumbprint in ink

on a withdrawal slip

in their name.

“Many of these

women have never

even been inside a

bank,” said Dan Pear-

son, director of international programs

for Unbound. “It makes their world

Bank accounts offer independence, opportunity to families

EMPOWERMENT

(continued)Kishtamma withdraws funds for

sponsorship benefits with her son, Suresh.

Mercedes, an Unbound sponsored elderly friend, used to work long hours in a factory making alpaca (llama) wool sweaters. She now works as a kitchen assistant at a catering business.

“Thanks to Unbound I no longer feel oppressed,” Mercedes said. “I know I can overcome. I have learned that it is never too late.” Read more of Mercedes’ story at blog.unbound.org

“The vast majority of these women have never even been

inside a bank.”

(continued from front)

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A social worker in India works with mothers on the process of making bank withdrawals.

larger — this bank they passed every day

is now part of their everyday experience.”

In countries such as India and Kenya,

sponsorship benefits are distributed to

families through individual bank accounts.

With the assistance of Unbound staff

members, the mothers of sponsored chil-

dren manage the

accounts until the

children are of age.

These bank

accounts are cre-

ated to empower

mothers to decide

how to best use

the sponsorship

funds for the

development of

their families.

Unbound respects that not every fam-

ily needs the same things. Families know

best what they need to survive and thrive,

so we put them in charge of their funds.

In India, withdrawals are scheduled two

to three times a year to coincide with the

times that children’s school fees are due.

The process begins with every mother

budgeting the amount she needs for edu-

cation, health, clothing, nutrition and

home necessities for her child and family.

Next, staff members review the budget,

track the account balance and approve

withdrawals. The mothers and staff then

coordinate a good time to visit the bank.

Staff remain on hand to offer support, if

needed.

Once the mothers withdraw the funds,

they can make

the necessary

payments and

purchases. When

mothers direct the

decision-making

process through

their own bank

accounts, they not

only gain self-con-

fidence, they also

gain access to financial services through

institutions that once excluded them.

For Nirmala, mother of sponsored child

Swarna in India, participating in the pro-

cess is an opportunity to create a better

future for her child.

“The sponsorship is a blessing for

my child’s future,” Nirmala said. “I am

uneducated and I feel privileged when

I see my child going to school. I dream

through her.”

Personalizing benefits a key part of program

We believe personalizing sponsorship

benefits to help a child and family

meet their individual needs is important.

Bank accounts give families the opportu-

nity to decide how they can best use their

sponsorship benefits.

Projects in Africa and the Philippines have

individualized bank accounts for benefits,

though the process differs in each area.

Deposits and withdrawals can also range

from monthly to a few times a year.

Local laws in countries such as Mexico

and El Salvador make it difficult to deposit

sponsorship benefits in individualized bank

accounts. When these obstacles come up,

families create their own shopping lists for

social workers or they may receive vouchers

to use at local stores.

More than 28,000 sponsored friends receive benefits through child accounts in India

“I am uneducated and I feel privileged when I see my child going to school.

I dream through her.”