impact of the program. This is in sharp contrast with the findings for the evaluation of ELA interventions in Uganda, which found a significant positive increase in the probability that girls were in an income generating activity. Aside from income, the point estimates of the ITT effects in the Tanzania evaluation are also very close to zero. Point estimates for the LATE estimates are higher but also not statistically significant.

Table 5 shows ITT and IV estimates for the impact of the program on participants’ financial market participation. We find that the combined intervention of club and microfinance service has increased the likelihood of adolescent girls having savings, and particularly at informal institutions, such as rotating savings and credit schemes (ROSCAs), locally known as _upatu_ . The ITT estimates show a 2.8 percentage points increase in the likelihood of having savings at ROSCAs, which is fairly large relative to the low base of only 2% at baseline. The point estimates for having savings at home and savings at an NGO are also large, but not statistically significant. There is a statistically significant positive impact on total amount saved by the girls, but only in the Tobit, not the OLS specification. The IV estimates in Panel B show positive impacts on savings at home as well as overall savings for the ‘Club + MF’ intervention only. There are, however, no impacts observed on borrowing. Both the ITT and the IV estimates in column (7) show that the participants did not experience any increase in their likelihood of having a loan. This is surprising, given that the microfinance services offered are primarily offering credit and not saving products. This implies that mechanisms other than the direct availability of microfinance services may be driving the effects on saving. In section 6, we will provide suggestive evidence that these effects were mainly driven by spillover effects through the social networks of club participants.

Finally, in Table 6, we provide results on reproductive health, education, and empowerment outcomes. We fail to reject the null of zero impact for almost all indicators. The ITT results for these indicators are statistically not significant and in most cases very close to zero – e.g. the point estimates for HIV knowledge, on a scale of 0 to 5, are 0.15 for ‘club only’ and 0.07 for ‘Club + MF’ as opposed to a large effect of 0.47 for the program in Uganda. Similarly, the ITT effects on perception of ideal number of children are 0.003 and 0.024 and not significant compared to a statistically significant decline of 0.28 in Uganda. The only meaningful changes observed are on perceived gender roles and business network. While the positive effect on perception of gender roles in ‘Club + MF’ villages is interesting, we conclude that the clubs – both with and without microfinance – seem to have had no discernible impact on reproductive outcomes or participants’ empowerment, a marked contrast from the results in Uganda. The positive effect on girls’ likelihood of talking with friends about business, on the other hand, is more likely to be linked to the microfinance component and we reflect on this in the next section.

# **5. Discussion on the Impacts on Savings**

In this section, we discuss social learning as a plausible mechanism of the effects on informal savings. In the follow‐up survey, we collected network information by asking girls about their interactions with other girls in their respective communities. More specifically, we asked about their connection with five girls from their village (randomly selected from the baseline sample). Conditional on knowing the girl, the respondents were asked whether they talked to them about business or social issues. Since this information is collected only at the follow‐up survey, we are only able to look at the correlations between social network and having informal savings. Therefore, this analysis is not sufficient to claim 10