Who Says You Can't Do Microsavings in India? Part 3: So Where to Go from Here?
MicroSave's India Focus Note No. 47 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.