A MESSAGE FROM HSBC

Empowering widows: a catalyst for global change

The loss of a spouse is an incredibly difficult situation for anyone to have to cope with. For a very large number of widows, for whom the loss of a spouse also means the loss of the home’s main income, bereavement is compounded by financial uncertainty.

This is the reality for mns of women worldwide, and it’s one of the reasons HSBC Egypt has committed to a programme of transformative financial inclusion through our partnership with the Global Fund for Widows.

This partnership began with a simple yet powerful goal: to uplift and empower one thousand widows in Egypt’s Upper Governorates over three years. By providing widows with financial tools, training, and resources, we’re helping them reclaim their dignity, provide for their families and create sustainable futures. At its heart lies an innovative model called the Widows Saving Loan Association (WISALA), a form of community banking co-designed by widows, for widows. Through the WISALA, widows contribute a portion of funds, while HSBC matches this investment twofold. This pooled capital enables them to secure low-interest loans to establish or expand microbusinesses. The programme is bolstered by financial literacy and paralegal training.

The results have been exceptional. In the first cohort alone, widows reported a 279% increase in monthly income and a staggering 900% growth in savings. Spending on education rose by 304%, empowering children to pursue schooling, while food and healthcare expenditures climbed by 427% and 337%, respectively. These figures are proof of renewed hope and resilience in communities historically overlooked.

Beyond financial empowerment, the program fosters a sense of agency. Widows lead WISALA themselves, managing roles like treasurer and chairwoman, ensuring collective accountability. This model, with a deeply rooted community focus, has made WISALA a vehicle of ownership, empowerment and a collective support for the women engaged in it.

Looking ahead, we aim to expand the program’s reach within Egypt and beyond. By adapting the model to meet local needs, we’re creating a blueprint for scalable, global impact, laying the foundation for a smoother transition when introducing WISALA to countries outside of the Middle East.

Our ambition doesn’t stop at economic empowerment. We’re introducing sustainable farming practices to agribusinesses led by widows and digitising financial operations to enhance transparency and efficiency. These enhancements will enable even greater independence and resilience for participants, making financial inclusion a cornerstone of broader societal change.

At HSBC, we believe in the ripple effect of empowerment. When you support widows, you uplift families, strengthen communities and lay the foundation for future generations to thrive. Our work with the Global Fund for Widows is a testament to what’s possible when corporations, non-profits, and individuals come together to turn challenges into opportunities.