This project allows Coptic Orphans' widowed mothers to take advantage of government policy initiatives and economic change in three ways: assisting widows who currently do not have a bank account to open an account, thus paving the way to receiving the benefits and services offered in the digital economy; educating mothers on financial literacy and how to skillfully manage micro-loans; and contributing positively towards generational change by modeling financial literacy for their children.
Most of the mothers we meet want to provide for their children but can't. Without a husband, mothers and their children are often ostracized in Egypt. Once the family is fatherless the mother is usually unable to work because of social stigmas which forces them to remove their children to work and leave school or go to an orphanage. As countries move towards full-fledged digital economies, the poor will be left behind and further impoverished if they aren't financially included.
Once a mother is selected and her project is funded, she can use the profit to improve the quality of life for herself and her children. Mothers are required to put at least 20% of their profit into a savings account. Once the mothers project becomes successful she repays the interest free loan to Coptic Orphans and it is given to another mother to make her project a success. This cycle continues allowing your donation to make many families independent.
The 20% of profit generated in a Savings Account gives the family a sense of security when it comes to the finances of a household. Mothers will be able to better handle emergencies financially without being totally dependent on the Church or any organization. Financial inclusion and literacy training for mothers will enable them to start and lead successful small businesses, and for fatherless children to stay in school and have brighter future outlook.
