Pilot Project Report: Using Mobile Money to Link Savings Groups to Financial Institutions
Due to a growing need for both greater security for their funds and increased access to financial services for savings group members, non-governmental organizations (NGOs) have started programs linking groups to formal financial services. After completing a promising feasibility study in late 2012, Freedom from Hunger formally initiated a pilot project to facilitate financial linkages to savings groups in Northern Burkina Faso (Passoré Province) via the Airtel Money product, in collaboration with Airtel Burkina and Ecobank Burkina. This pilot project has exhibited the eagerness of the partners involved and an increased demand for savings accounts by savings groups over time. Freedom from Hunger would like to replicate the experience in other countries in West Africa and assist other savings-group promoting organizations in developing financial linkages between savings groups and formal financial institutions.