Can digital savings be the path to women’s financial inclusion?

By Maura Hart, Manager, Knowledge and Communications, Women's World Banking

Cross post from Women's World Banking Blog

"Say you’re a woman living in the developing world, and you’re working to save money. In fact you’re a conscientious saver, generally squirreling away 10 to 15 percent of your earnings while still managing the household budget and frequently loaning to family members in need. Yet you have little access to formal banking, perhaps because the nearest bank is simply too far away to visit regularly."

Carol Onijeachownam with BETA Friend
(Diamond Bank, Nigeria) From Women's World Banking Blog

"A new Women’s World Banking report on digital savings, “Digital Savings: The Key to Women’s Financial Inclusion?,” looks at how introducing digital financial services for women can be a game-changing opportunity that paves the way for financial inclusion. Digital savings accounts can introduce women to formal banking by providing a convenient, reliable, confidential and secure means of saving. It’s also a win for banks: convenience boosts account activity rates which allows banks to get to know clients’ risk profiles. Reliability, confidentiality and security also builds trust among women who tend to be more loyal and reliable customers. But financial institutions must tread carefully—success depends on approaches that fully take into account women’s needs."

"This report outlines Women’s World Banking’s research into the landscape of digital savings for women and emerging best practice in the space."