Microfinance Gateway>Who Says You Can’t Do MicroSavings in India? Part 3: So Where to Go from Here?

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Library » Who Says You Can’t Do MicroSavings in India? Part 3: So Where to Go from Here?

Who Says You Can’t Do MicroSavings in India? Part 3: So Where to Go from Here?
Jul 2010, Linder, C. & George, D.

Designing and delivering savings products to clients

This Focus Note discusses practical issues that MFIs should consider when addressing a savings solution.

The note highlights the need to listen to clients before creating a product. It states that:

After developing a concept, the MFI should conduct pilot tests to reduce risks of harming clients, the MFI’s reputation and overall operations;
MFIs should leverage partnerships, so that each entity’s strengths are used, allowing for a better chance of success, and reducing the risk of loss for the client;
Experts must be used when it comes to dealing with the savings of the poor;
Leveraging appropriate technology, such as m-banking, can also drive success by lowering the cost per transaction and permitting higher volumes through a fixed cost platform;
Savings solutions must be driven by client needs, and not by donors or technology vendors.

MFIs must offer clients a variety of savings options, allow them to save easily and often, give them access to their deposits when they need it, supply a secure and trustworthy place to save and allow them to own their savings.

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