​​​Covid-19 provides a catalyst for further savings in Africa, according to a nearly two-thirds of banking sector experts attending the first of the three-day WSBI-​Scale2Save programme annual peer exchange virtual workshop.

In an online poll of participants, 59 per cent of nearly 50 participants consider Covid-19 as an enabler of savings, with the remaining respondents saying it dis-enables savings in Africa. Although the question posed did not explore long or short-term impacts of Covid-19 on savings, the result underscores how Scale2Save partner institutions tackle pandemic challenges.

The poll gave attendees a starting point to focus on how Scale2Save programme aims, project activities and learning from research can help address the current pandemic on banks’ ability to establish the viability of small-scale savings in Africa.

Update from Mastercard Foundation

A presentation by Mastercard Foundation’s Diaka Sall, who serves as Lead for Agriculture in Senegal, highlighted the foundation “Young Africa Works” strategy, a bold ambition to ensures 30 million young women and men gain access to dignified and fulfilling work across the continent. Young Africa Works focuses on areas that include micro-, small-, medium-sized enterprises and agriculture digital technology education.

“Service providers continue to expand and offer tailor made solutions, many more Africans would be included in savings will grow at the individual family and community levels, offering a pathway out of poverty. To drive this agenda, however, service providers must be innovative in their thinking and inclusive in their approach.”

“At the MasterCard Foundation, we are blessed to be in a position to partner with organisations such as WSBI under the Scale2Save programme to support initiatives and ensuring many more people on the continent are included and embrace the savings culture. on behalf of the master calculation.”