BSR’s HERfinance Expands to Mexico with Investments from Bloomberg and Disney
San Francisco, May 1, 2014 /3BL Media/ - BSR has received a contribution from Bloomberg LP to support the expansion of HERfinance, BSR’s financial inclusion initiative, to Mexico. Along with a recent contribution from The Walt Disney Company, which allowed BSR to launch HERfinance in 2012, this partnership will help BSR expand the program to at least two cities in Mexico by the end of 2014.
HERfinance is part of BSR’s broader efforts to empower low-income women working in global supply chains through workplace programs promoting health, economic empowerment, and women’s rights. Since its launch, HERfinance has reached nearly 10,000 workers—most of whom are women between the ages of 18 and 35—in India’s readymade garment sector.
The majority of low-income factory workers in Mexico are young women in their late teens or early 20s and represent a population with great familial pressures but also tremendous potential. According to the World Bank, only 22 percent of these workers have an account at a formal financial institution, and only 23 percent saved any money in the past year. HERfinance uses a workplace-based, peer-education model to offer workshops that cover saving, budgeting, financial planning, and how to access and use a range of financial products and services.
“In India, we have seen HERfinance help change people’s lives by growing their confidence to plan better for their financial future,” said Racheal Meiers, BSR’s HERproject Director. “By expanding our work into Mexico’s manufacturing sector, we will offer women workers the chance to build the life skills and access to resources—such as financial awareness, planning, and financial services—that will help them escape from poverty.”
“We see HERfinance as a strategic community investment because we think it benefits our own supply chain while also serving a broader societal need," said Lee Ballin, Bloomberg LP Sustainability Manager. “At Bloomberg, we have always supported financial education and financial literacy because it directly empowers women and men to better understand our financial systems."
BSR is currently recruiting more companies to join HERfinance in Mexico, as well as in India, Indonesia, and Brazil, thanks to the recent grant from The Walt Disney Company. Companies interested in participation can email herfinance@herproject.org.
About BSR
BSR works with its global network of more than 250 member companies to build a just and sustainable world. From its offices in Asia, Europe, and North and South America, BSR develops sustainable business strategies and solutions through consulting, research, and cross-sector collaboration. Visit www.bsr.org for more information about BSR’s more than 20 years of leadership in sustainability.
