Changing Lives
11
As per a GSMA Report, achieving gender parity in account
ownership can unlock an estimated $20 billion market opportunity
for the African mobile industry in the period 2015-2020.
Mobile money providers recognize this opportunity and are
working to leverage it3.
Mobilizing Savings
Multiple researches have proved that women
are better at saving than men. Owing to their
penchant for savings and financial
management, women are able to bear
multiple financial burdens for their family
including paying for school fees, food,
emergencies, celebrations, births, funerals
and much more. However, due to cultural
norms, low literacy and restriction on
movement, women mostly save at home
(and stay away from formal banking).
Without access to traditional financial
instruments of savings these women invest
in low yield investments, like livestock which is
prone to diseases and depletion in value.
Some cash is always kept handy under the
mattress to meet day to day needs, but this
only puts them in a great deal of physical
danger since crime rates are so high.
In the absence of formal banking
infrastructure, a number of traditional
savings club have taken deep roots in SubSaharan Africa. Savings club is steeped in
the rich tradition of informal savings groups
in Africa which explains its popularity. It is