Scale2Save Campaign
Micro savings, maximum impact.
Based on Scale2Save partners' case studies, this learning paper explores the challenges for micro-insurance uptake for low-income customers, and presents solutions and opportunities.
BRUSSELS, 28 April 2021 – Today the Scale2Save programme launches a new learning paper. It forms part of the learning series featuring the experience of partners when developing financial products and services designed for low-income customers. It was written by Scale2Save Local Technical Specialist Agnès Fall with support from the Savings Learning Lab at Itad.
This paper aims to support learning on microinsurance in Africa by giving an overview of the sector and presenting examples on how to successfully overcome challenges related to the uptake of microinsurance while also taking into account future hurdles related to Covid-19 and its impact.
Microinsurance encompasses insurance products that protect against shocks faced by under-served, low-income populations in developing countries. These products are provided in exchange for regular premium payments proportionate to their incomes, which take into account irregular income flows.
Microinsurers increasingly tailor their products, policies and delivery channels to the needs of the poor. Policies are often written in simple terms to include a variety of options such as licensed insurers, health care providers, community-based organisations, microfinance institutions and NGOs. In addition, mobile insurance has become increasingly important to reach remote customers.
While we observe growing demand and access to formal financial services such as bank accounts, mobile money and credit, the demand for formal insurance remains low despite the ‘micro-insurance revolution’ in the past decade.
One of the questions that Scale2Save tries to answer is to what extent savings contribute to financial resilience and what would be there right mix of products that adds value to people’s lives.
The households that Scale2Save partners are serving often experience challenges to manage cash flows, cope with risks, and raise money to meet large, unplanned expenses. These households can benefit from using a combination of financial tools to meet their needs. That is why this learning paper explores the mechanisms that might trigger the uptake of savings-linked health, life or funeral insurance.
Download
Scale2Save
13/10/2023
Savings and Retail Banking in Africa 2022 WSBI survey of Financial Inclusion for micro, small and medium-sized enterprises (MSMEs)
The Savings and Retail Banking in Africa report aims to help improve access to financial services for financially
25/09/2023
WSBI as a catalyst for unlocking the potential of female entrepreneurs
13 October 2023, 9.30am-12pm Hôtel Du Golf Rotana Palmeraie, Marrakech I Morocco
18/09/2023
WSBI’s MD Peter Simon opens the G20 side event panel “Gender equity and SME financing in a digital landscape” at the SME Finance Forum in Mumbai
The World Savings Bank Institute (WSBI-ESBG), with the substantial support of its Indian member, the State Bank of India
01/03/2023
The State of Savings and Retail Banking in Africa
The WSBI has conducted two research reports tracking the progress of retail and savings banks in their financial inclusion efforts across Africa (2018, 2019).
22/02/2023
Driving Formal Savings: What Works for Low-Income Women?
While financial inclusion is expanding globally, the gender gap in access to financial services and products persists
19/12/2022
What a journey it has been!
Between 2016 and 2022 Scale2Save financially included more than 1.3 million women, young people and farmers in Kenya, Uganda, Nigeria, Morocco, Senegal and
14/12/2022
The financial diaries revealed useful insights into young people’s savings, spending and income behavior
It examines their experience in respect to financial inclusion, support structures and opportunities for young entrepreneurs
09/12/2022
The Power of Community-Based Organizations to Mobilize Farmers’ Savings
In Ivory Coast, the world’s largest cocoa producer, cocoa is harvested twice a year, in May-June and in October-December. Between seasons, most smallholder farmers do not generate revenue
15/11/2022
How Can Small Scale Savings Be Offered Sustainably?
Learnings from the Scale2Save Program on successful business and institutional models
15/11/2022
Application of CGAP Customer Outcomes Framework in Uganda
This case study by WSBI's Scale2Save programme applied the CGAP customer outcome indicator framework to test the impact of a new basic savings product positioned in the financial inclusion market and…