Gateway Financial Innovations for Savings - Focus Note 1
This note gives an overview of the Gateway Financial Innovations for Savings (GAFIS) project and defines the core concepts on which it is based. It introduces a working definition of savings, and describes how banks may apply financial innovations to promote savings.
The note highlights the need for the concept of financial inclusion to move beyond access to bank accounts, and towards significant engagement of the poor. It discusses:
- Gateway opportunities that deepen financial inclusion;
- Four gateways envisaged by GAFIS;
- Demand factors encouraging customers to save more with banks;
- Supply factors encouraging banks to offer savings products to target customers;
- Definition and dimensions of assets/savings;
- Measuring savings from supply and demand sides;
- Rebalancing client portfolios.
The note concludes by outlining GAFIS's vision and strategy for achieving greater savings inclusion. It states that GAFIS partner banks can improve their business case for providing the target market with a range of required services by introducing product innovations.