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Kenya’s Safaricom Tests New Mobile Savings Service
Policymakers say the East African nation suffers from a low national savings rate and analysts said Safaricom could be looking to target that untapped market with the new product, dubbed “Mali” (Kiswahili for wealth).
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Building Financial Stability: Can Liquid Savings Help Recession-Proof the Economy?
Though the U.S. economy is experiencing a historic expansion, stock market jitters and other recent developments have some economists predicting a recession. And according to Mariel Beasley at Common Cents Lab and Timothy Flacke at Commonwealth, cracks have been forming beneath the surface of the economy for a long time. They explore the surprising financial insecurity facing American households, and explain why short-term, liquid savings could help mitigate the effects of a future recession before it begins.
- Categories
- Finance
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Small Change: Why Behavioral Science Needs to Go Beyond ‘Nudges’ to Make a Real Impact
Behavioral science – the practice of leveraging human tendencies to produce desired outcomes – has become popular in the social sector. In particular, "nudges" – small changes that subtly encourage better behaviors – are often seen as a solution for everything from weight loss to financial health. But Mariel Beasley, co-founder of the behavioral science group Common Cents Lab, shares an uncomfortable truth: Small tweaks usually mean marginal changes, and half-measures like nudges are leaving most of the potential of behavioral science untapped.
- Categories
- Finance
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Press release: CFSI & AARP Foundation Survey: Today’s Low- to Moderate-Income Adults Over 50 Face Difficult Financial Challenges
“For too many low-income older adults, the later years are a source of stress instead of something to look forward to,” said Lisa Marsh Ryerson, president of AARP Foundation. “AARP Foundation works across sectors to develop new, sustainable solutions so vulnerable older adults can achieve a more financially stable future.”
- Categories
- Finance
- Region
- North America
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Diving into the Gap: What Separates Savers from Non-Savers?
In three years, the gap between the poorest 40 percent and the richest 60 percent nearly doubled across many developing countries. Meanwhile, the gap between primary and secondary school graduates has also doubled – and these inequalities in income and education are more significant than ever in dividing savers and non-savers. Scott Graham at FINCA International analyzes the latest FINDEX numbers to explore how we can reconcile a decline in savings, while poverty is largely falling throughout the world.
- Categories
- Finance
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Fewer Poor People are Saving: What Does That Mean for Microfinance and Mobile Money?
As the world grows richer and the financial inclusion movement steams ahead, savings rates are abysmally low across the globe. In fact, over half of all adults on the planet saved nothing in the last year – neither bank deposits nor cash stuffed in drawers. In the third of a four-part series analyzing the much-discussed 2017 Global Findex, Scott Graham of FINCA International explores the savings habits of individuals worldwide – particularly in the developing world – and the implications for financial services providers.
- Categories
- Finance
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India’s newest financial institution is set to be the country’s biggest bank
The post office already has 34 million savings accounts that will now be able to avail digital banking services once they link their accounts to the IPPB.
- Region
- South Asia
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Mobile money-saving app Qapital raises $30 million to spend on growth
Qapital, one of a slew of mobile applications trying to make it easier for users to save money (and spend it more wisely), has raised $30 million in fresh financing as it expands beyond savings to offer investment advisory services.
- Categories
- Finance
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