19/11/2021
Poor rural people need access to a wide variety of financial services, not just credit. They need a range of options including credit, savings, money transfer facilities and insurance. Poor people, even very poor people, need to save. They need secure, convenient deposit services that allow for small balances, small transactions and easy access to funds. Traditional, non-formal saving systems – such as tucking cash under the mattress, buying animals, joining village savings circles, or giving money to neighbours for safekeeping – often have hidden costs and risks. For example, cash hidden under a mattress or given to a neighbour can be stolen; an animal can get sick or die. By having access to safe and flexible monetary saving instruments, poor rural people can plan for their future, provide a cushion against shocks and take advantage of economic opportunities as they occur