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Investing in Inclusion: Empowering Communities through Financial Innovation

Articles, Financial Wellness

In the ever-evolving landscape of financial services, the importance of inclusion and community-based solutions cannot be overstated. CSI hosted co-founder and COO of Woveo for an insightful webinar, ‘Investing in Inclusion’, to explore the role of collaborative local initiatives, and shed light on innovative approaches to financial security and empowerment, particularly for women.

The Genesis of Woveo

Maryheth Cabrera’s journey from a filmmaker to a financial services entrepreneur is a testament to resilience and adaptability. Upon arriving in Canada, she faced the daunting task of starting from scratch in a new country. Her experience navigating various jobs and industries eventually led her to co-found Woveo, a community wallet for rotating savings and credit building.

“We started as a group of friends trying to do something different, and it evolved into a mission-oriented company,”(00:04:24) she shared.

Community-Based Financial Solutions

Woveo leverages the concept of rotational savings, a practice familiar in many cultures, to provide financial security and credit-building opportunities for non-prime Canadians. This model involves a group of people pooling money together, with each member taking turns to access the funds.

The beauty of this community-based banking model lies in its foundation of trust, shared experiences, and mutual benefits. Members can access credit with zero interest, and their transactions are reported to credit bureaus, helping them build a credit history.

Impact on the Community

Woveo’s innovative approach has had a profound impact on its members. By providing a platform for rotational savings, Woveo enables individuals to achieve their financial goals without the burden of high-interest loans. This model is particularly beneficial for new immigrants and underserved communities who may struggle to access traditional financial services.

One notable example is the Whole Woman Network in Ontario, which has over 100 members who have raised more than $300,000 through rotational groups. These funds are used for business financing, education, household expenses, and more – helping to address immediate needs by facilitating quicker access to funds and saving on interest costs.

The success of Woveo’s model is evident in its high repayment rate. “”Our repayment rate is around 97%, which shows the power of community and mutual support,” (00:34:33) Cabrera noted. This high rate of repayment underscores the effectiveness of community-based financial solutions in fostering financial responsibility and trust.

Empowering Financial Literacy

A key component of Woveo’s mission is to empower its members through financial literacy. Cabrera emphasized the importance of understanding the financial system and building confidence in managing money.

Woveo offers financial literacy courses to members who may struggle with repayment, providing them with the knowledge and tools to improve their financial behaviour.


Celebrating Women’s Month

As we celebrate Women’s Month, it’s essential to recognize the unique challenges and contributions of women in the financial industry. Woveo’s community-based model is a powerful example of how financial innovation can support and empower women, helping them achieve their financial goals and build a secure future. Cabrera’s journey and Woveo’s mission highlight the importance of inclusion and the impact of community-driven solutions.

Conclusion

The insights from the “Investing in Inclusion” webinar underscore the critical role of community-based financial solutions in the financial services industry. Woveo’s innovative approach not only provides financial security but also builds trust and accountability within the community. By understanding and addressing the unique challenges faced by underserved communities, Woveo is creating a more inclusive and supportive financial environment.

As Maryheth Cabrera’s journey illustrates, investing in inclusion is not just about financial transactions, it’s about building trust, fostering resilience, and empowering individuals to achieve their dreams. Woveo’s community-based model is a powerful example of how financial innovation can drive positive change and support the financial well-being of all members of society.