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MMU Products – Savings

Mobile Money is the fastest and cheapest way to connect the poor to a savings account. It can also help the innovation and marketing of products.

Savings are an integral component of financial inclusion – it not only helps people lower the risks posed by events like medical emergencies or crop failures, but also lets manage their own resources and take the giant leap from reacting to planning.

Below are useful articles, blog posts and other resources.

1. WHY ARE SAVINGS IMPORTANT?

Safe Places to Save

Author: The Bill & Melinda Gates Foundation

2.5 billion people live on less than $2 per day. Most have no access to a savings account. But now, new technologies are offering life-changing services to escape poverty.

 

A Penny Saved: How Do Savings Accounts Help the Poor?

Author: Jake Kendall, The Bill & Melinda Gates Foundation

Discover the experimental evidence regarding the impact of improved access to savings. The few rigorous studies available that examine the impact of account access on poor families show that savings accounts improve the ability to save up, invest and protect against financial crises.

2. HOW CAN MOBILE MONEY HELP CONNECT THE POOR TO SAVINGS?

It’s time to address the microsavings challenge

Author: Bob Christen and Ignacio Mas, The Bill & Melinda Gates Foundation.

This article shows why savings are so important and describes how the microsavings model might work in practice.

Kenya’s Mobile Revolution and the Promise of Mobile Savings

Author: Gabriel Demombynes & Aaron Thegeya

In this article, the authors examine the mobile savings phenomenon, using data collected in a special survey in late 2010. They show that the usage of bank-integrated mobile savings systems like M-KESHO remains limited and largely restricted to better-off Kenyans.

3. OTHER RESOURCES

Commitments to Save: A Field Experiment in Rural Malawi

Author: Lasse Brune et al., The University of Michigan

Results of a field experiment in Malawi that allocated smallholder cash crop farmers to treatments facilitating savings in formal savings accounts.

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