Kenya member, WSBI sign MoU
Scale2Save Campaign
Micro savings, maximum impact.
Innovative ‘Bank in A Bag’ project to improve bank reach, add 5000 savings groups, some 67,000 customers
Innovative ‘Bank in A Bag’ project to improve bank reach, add 5000 savings groups, some 67,000 customers
BRUSSELS, 5 December 2017 – Momentum continues under WSBI’s Scale2Save programme as Kenya Post Office Savings Bank and WSBI signed today a Memorandum of Understanding for the innovation-driven postal savings bank to drive greater financial inclusion.
The Nairobi-based institution, also known as Postbank will take part in the Mastercard Foundation-supported program by launching a “Bank in A Bag” concept and deploying staff with it to where customers – both individuals and savings groups – meet. The Bank in A Bag contains needed record-keeping materials and ICT equipment such as a point-of-sale (POS) terminal, laptop computer, an Android tablet and a router. The equipment will enable end-to-end processing of account opening for individual customers in remote locations outside a traditional brick-and-mortar branch.
Anne W. Karanja, Managing Director, said: “Bank in A Bag lifts some of the barriers to access and usage of banking services in rural Kenya, especially distance and cost. Financial education will also play a big part in the work by WSBI and KPOSB, enabling the bank to execute a strategy to acquire, activate and retain savers.”
With the support of WSBI, Postbank will build on the newly developed and its already-piloted Mchama product, a mobile savings and payments service for village groups to deepen the reach, scale and sustainability of low balance accounts as well as address dormancy of accounts. They will continue to train 400 Postbank agents and continuous group financial literacy training programs. They will also continue to expand their pool of Community-Based Trainers, sales ambassadors who will support the recruitment and training of village groups.
A research component will round out the project, with the bank looking to better understand group savings and transactional behavior when using Mchama. WSBI Managing Director Chris De Noose said: “It’s the second memorandum signed in the last two months by WSBI and partner banks in Africa to demonstrate the business case of small-scale savings. We look to assist Postbank in their aim to onboard 5,000 groups and 66,744 new accounts active by the project end date in 2020.”
Pilot preparation on the Bank in A Bag project starts this month with a scheduled January 2018 implementation start date.
About Kenya Post Office Savings Bank
The Kenya Post Office Savings Bank (Postbank) is primarily engaged in the mobilization of savings for national development. Postbank is committed to creating business growth while ensuring that delivery of services is done in an ethical and socially responsible manner. The bank considers the interests of the community and strives to maintain the highest standards of ethical conduct and corporate responsibility in service delivery. Corporate Social Responsibility is fundamental to its culture and core values, with focus placed on environment, health, financial Literacy and education. Wholly owned by the Government of Kenya and reports to the Ministry of Finance, Postbank is committed to the standards of corporate governance as set by the government and the Central Bank of Kenya for the public sector.
Scale2Save
WSBI at European Development Days
Scale2Save Campaign
Micro savings, maximum impact.
BRUSSELS, 9 May 2018 – The WSBI programme Scale2Save will be on display at this year's European Development Days taking place on 5-6 June in Brussels. The institute will have for the first time a stand that is titled “Linkage banking with savings groups: Empowering women," which is in-line with this year's EDD theme “Women and Girls at the Forefront of Sustainable Development: protect, empower, invest".
Institute shares how linkage banking with savings groups can empower women
>> Learn more about European Development Days
>> See: WSBI dedicated EDD webpage
Organised by the European Commission, the three-day EDD event brings together the development community each year to share ideas and experiences in ways that inspire new partnerships and innovative solutions to the world’s most pressing challenges. The Making Small Scale Savings Work programme is a partnership with the Mastercard Foundation to help boost financial access and economic development in six African countries.
he WSBI programme Scale2Save will be on display at this year’s European Development Days taking place on 5-6 June in Brussels. The institute will have for the first time a stand that is titled “Linkage banking with savings groups: Empowering women,” which is in-line with this year’s EDD theme “Women and Girls at the Forefront of Sustainable Development: protect, empower, invest”.
Organised by the European Commission, the three-day EDD event brings together the development community each year to share ideas and experiences in ways that inspire new partnerships and innovative solutions to the world’s most pressing challenges. The Making Small Scale Savings Work programme is a partnership with the Mastercard Foundation to help boost financial access and economic development in six African countries.
