Martha Oluwatobi is the proud proprietor of a market stall in Lagos, Nigeria. She sells minerals used for well being advantages by expectant moms who routinely purchase small quantities of clay-like components a couple of occasions every week. She doesn’t make a lot however, after she covers bills, Martha is ready to put some financial savings apart each day. Her problem: retaining these financial savings protected.
There’s a financial institution within the neighbourhood, however she can not take the time to stroll to the financial institution and line as much as make deposits. In consequence, she till not too long ago had little selection however to cover her financial savings away in locations she hoped could be protected. However a greater answer got here her manner. Immediately, a Diamond Financial institution agent visits her each day, receives the cash she wish to save and deposits it immediately in a “no frills” checking account through cell phone. Martha receives an SMS affirmation that the deposit has been made alongside along with her present stability. No less than she does when the cell community is up. If not, she has to belief the agent to make the deposit later within the day and ship her an SMS later.
This answer from Diamond Financial institution ‒ a primary checking account issued by brokers in markets like Martha’s throughout Lagos ‒ was designed as the results of a grant from Visa to Girls’s World Banking, which labored with the financial institution on the product design and coaching of the brokers. These sorts of options are rising in quantity throughout Africa, and are equally relevant to village financial savings and mortgage kind teams.
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