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Focus Note 1: Outcompeting the Lockbox – Linking Savings  Groups to the Formal Financial Sector Image

Promoting Inclusive Markets and Financial Systems

Focus Note 1: Outcompeting the Lockbox – Linking Savings  Groups to the Formal Financial Sector

Focus Note 1: Outcompeting the Lockbox – Linking Savings Groups to the Formal Financial Sector

Summary

For market players with the foresight to take advantage of deposit linkage opportunities, a desirable business case awaits (see second Focus Note in this series). But these opportunities cannot be pursued half-heartedly or as an afterthought—members won’t rush to open formal savings accounts until banks and mobile money operators prove that their value and added cost outweighs the many conveniences of existing SG arrangements. This Focus Note details what those conveniences are and argues that banks and mobile network operators can provide real value to the financial lives of SG members (longer-term, diverse savings options) by overcoming some SG shortcomings.



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