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Saving for Change: Why is it so difficult for people of all income levels to save money – and how can financial institutions help?
Saving money is hard - particularly for the poor. And with a lack of formal savings options, many poor people end up hiding cash, investing in assets such as livestock or land, or engaging in informal savings arrangements. Yet for those who can stow away even a little money, the benefits can be enormous. Roxanne Bauer explores why saving is so difficult, and what financial institutions can do about it.
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Narendra Modi government to pay banks fee for pursuing financial inclusion plan in India
MUMBAI: Government has agreed to give banks some commission for pursuing the financial inclusion plan announced by the prime minister on the Independence Day.
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- South Asia
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OPINION: By making ATM transactions expensive, the Reserve Bank of India is contradicting its own stance
On Thursday, when the Reserve Bank of India (RBI) permitted banks to charge customers for using other bank ATMs more than thrice a month and that of own-banks more than five times, the apex bank was contradicting its own stated policy stance of encouraging public to alternative banking channels and, then gradually, to paperless banking.
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- South Asia
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Modi Promises Access to Banking for India’s Poor
Prime Minister Narendra Modi promised on Friday greater access to financial services for nearly 500 million Indians who do not have a bank account, many of whom are now at the mercy of money lenders who charge extortionate interest.
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Airtel, Voda, Idea move to cash in on mobile payments in India
Till a few years ago, Sachin Dhaval had to visit the collection centre of SUMUL, the Surat-based milk co-operative, to pay cash a day in advance for placing his orders.
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Mastercard and Indosat give 60M Indonesians access to electronic payments
Indonesian mobile operator Indosat is making it easier and more secure for Indonesians working abroad to send money back home to family and friends by adding the MasterCard-backed HomeSend service to its offerings, the telco said this week.
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Uganda: Airtel introduces mobile money saving solution
Airtel Uganda, in conjunction with Grameen Foundation, has developed a service that will allow Village Savings and Loan Associations (VSLAs) and other forms of savings groups, such as Chamas or investment clubs, to store their group’s cash as mobile money.
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- Sub-Saharan Africa
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Uganda, Tanzania latest to welcome Diaspora Mobile Money transfer service
The Diaspora Mobile money transfer service from Rapid Communications’ is now in Uganda, Tanzania and Senegal only a month after it was unveiled in Kenya.
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