Author name: Afripride Women Co-op

Afripride Women Co-op Discovering the Power of Rotating Savings & Credit Associations (ROSCAs) We are a federally registered cooperative that aims to leverage ROSCAs to empower Afro-Canadian women with the goal of uniting and empowering ourselves through investing, sharing knowledge, and providing social support. Our mission is to promote the socio-economic self- empowerment of Afro-Canadian women, an equity-deserving group, through culturally aligned economic alternatives. We envision a future where Afro-Canadian women cooperatives stand as pillars of strength, driving positive change and contributing significantly to their communities. The Challenge: Afro-Canadian women, particularly new immigrants, face significant barriers to financial stability. These include: ⮚ Lack of access to funds or credit. ⮚ Insufficient personal resources to purchase indivisible goods or start income-generating projects. ⮚ Difficulty in accessing funds due to a lack of credit history. ⮚ Limited financial literacy, making it hard to navigate and access available resources. Our Solution: We facilitate Rotating Savings and Credit Associations (ROSCAs) to empower our members by: ⮚ Accumulating Savings: Helping women save for unexpected expenses or emergencies through community-based pooled resources. ⮚ Entrepreneurial Funding: Providing capital for entrepreneurial ventures, allowing women to start or expand small businesses with peer-to-peer lending. ⮚ Entrepreneurial Collaboration: Promoting collective investments and partnerships to strengthen business initiatives and share resources, ideas, and opportunities. The Benefits: ⮚ Support for New Immigrants: Helping newly immigrated Afro-Canadian women integrate and find support. ⮚ Financial Education: Offering mandatory financial literacy training, budgeting, and credit awareness. ⮚ Mentorship Programs: Providing business and professional mentorship. ⮚ Corporate Social Responsibility: Engaging in CSR activities within Canada and other identified Afro-Canadian geographies. ⮚ Community Development: Enhancing economic resilience, supporting local businesses, and fostering unity and cooperation. ⮚ Building Credit: Helping women build a reputation for reliability and trustworthiness within their community, improving future credit access. By joining Afripride Women Coop, Afro-Canadian women can access vital financial resources, support systems, and educational opportunities to drive personal and community growth. We invite you to collaborate with us and be a part of this empowering journey.