Économie politique

G10(b) - Sisters in Solidarity: Innovation Within Diverse Financial Economies

Date: May 31 | Heure: 10:30am to 12:00pm | Location: Riddell Centre (RC) 286

Joint Session / Séance conjointe : with the Association for Nonprofit and Social Economy Research (ANSER)

Chair/Président/Présidente : Caroline Shenaz Hossein (York University)

Session Abstract: Sisters in Solidarity: Innovation Within Diverse Financial Economies

Mutual Aid and Somali-Canadians: Tackling Financial Exclusion Through the Use of Ayuto in Toronto’s Inner Suburbs: Caroline Shenaz Hossein (York University), Maymun Abukar (York University)
Abstract: Black women organize rotating and savings credit associations (ROSCAs) because of what these institutions have done in assisting them to cope with social and business exclusion in Canada. In this study, we examine ROSCAs and the role that African-Canadians have played in Canada’s social economy among Black immigrants. The transnational aspect of ROSCAs questions the idea that the social economy is rooted in a global south context. This case study interviews 147 people, of which 70 are the “Banker Ladies”– African-Canadian women–who create community-driven financial cooperatives in Toronto, Canada’s financial centre. This paper will explore the various ways ROSCAs impact Caribbean and African Canadian women.

Rotating Savings and Credit Associations (ROSCAs) as Local Response to Poverty: The Case of Peri-urban Gambian Women: Haddy Njie (North Carolina State University)
Abstract: Women of low educational attainments in The Gambia face significant obstacles in accessing modest incomes from stable jobs, a disadvantage that also limits their abilities to meet their families' welfare needs. Consequently, the women have devised some financial strategies for navigating through the challenges of their socio-economic responsibilities. Among the measures adopted is their participation in RoSCAs for generating micro-capital. This study analyzes why arrangements like Osusu spring up in the first place, and why they have been a useful tool for many of its participants who tend to be excluded in other kinds of savings and credit schemes.

The Circle is Unbroken: A Personal Reflection on Black Women, Collectives and Community Development: Ginelle Skerritt (Warden Woods Community Centre)
Abstract: This paper describes the author’s personal experience as a practitioner with the ancient African system called susu. Susu is a tool for economic empowerment through self-help groups. Susu is a financial system that was used (and still is) by my family and members of the African Canadian community. When my parents made the decision to immigrate to Canada in the late 1960s, a community of support came with them in the form of susu monies which helped pay for flights and early settling expenses. As an adult, I continued this valued tradition with my colleagues and friends for a decade.

Microfinance as a Tool to Building Community Wealth : Susan Henry (Alterna Savings Credit Union)
Abstract: For racialized Canadians there are many social, economic and political barriers when it comes to accessing affordable financial services. Microfinance has long been a tool used in developed and developing countries to provide such access and to aid in building strong and healthy communities. The Alterna Savings Community Micro Finance Program for more than 17 years has been supporting individuals and organizations through community based micro lending by providing loans up to $25,000. This work will discuss the experience of microfinance services to low-income and racialized Canadians.

Session begins at 10:45am.