Promoting Inclusive Markets and Financial Systems
The MasterCard Foundation works with visionary organizations to provide greater access to education, skills training and financial services for people living in poverty, primarily in Africa. As one of the largest private foundations its work is guided by its mission to advance learning and promote financial inclusion to create an inclusive and equitable world. Based in Toronto, Canada, its independence was established by Mastercard when the Foundation was created in 2006. For more information and to sign up for the Foundation’s newsletter, please visit www.mastercardfdn.org. Follow the Foundation at @MastercardFdn on Twitter.
The MasterCard Foundation wanted to delve deeper into the needs and preferences of savings group members. For example, what kind of services did clients want? Would members willingly pay for some services? How is technology sparking innovation?
This research was commissioned by The MasterCard Foundation to examine opportunities to expand the effects of savings groups towards financial inclusion. The study was conducted by MicroSave and employed a mixed methods approach to generating new insights on savings groups in Sub-Saharan Africa. The study explored innovations in three key areas: linkage of savings groups with banks, practices to improve efficiency and technological possibilities to improve services.
The study included nearly 500 savings group members across five countries and six organizations.Additional methods included a literature review, interviews with industry leaders and an in-depth field study of six projects in three countries. Data collection occurred between March and June 2014.