Savings Groups Digitization and Financial Linkages
Savings Groups (SGs) are community-based financial institutions where members mobilize and manage their own savings, pooling this money in a loan fund from which they can borrow in amounts as small as $5. This approach has proved to be low-cost, highly sustainable, and extremely profitable for the member-owners while achieving significant scale, especially in remote rural areas in Africa and Asia. It is estimated that SGs are now established in more than 75 countries worldwide, reaching more than 15 million members in over 750,000 groups.
However, SGs are becoming increasingly overcapitalized and require linkages to formal financial institutions and banking on virtual wallets. This is being accelerated through digital platforms developed in partnership with Financial Technology (FinTech) companies, Mobile Network Operators and Aggregators. The advent of agency banking in most countries introduces another opportunity into the linkages journey. This course is offered online and allows interaction between learners, practitioners, and experts with experienced course moderators.
The four-part course has seven modules offered over a six-week period and covers:
- Foundational knowledge on SGs.
- Global trends in digitizing Savings Groups Operations.
- A look at emerging practices in financial linkages between banks/MFIs and SGs.
- Financial Technology and its role in Financial Inclusion.
Broad category of development professionals, financial services providers, fintech experts, regulators, donor officials and interested persons intending to make a foray into any of these three industries: Digital Financial Services; Banking and FinTech. Focus is on professionals working or serving Africa or Asia region.