On April 13th and 14th, 2023, the Sustainable and Inclusive Digital Financial Services (SIDFS) Project organized a workshop at Lagos Business School, Ajah, to conduct a comprehensive review and in-depth discussion on Women’s World Banking’s Savings Mobilization Replication Toolkit.

This open-source blueprint is specifically designed to assist deposit-taking institutions in enhancing their financial services targeted at low-income women customers.

The workshop witnessed the participation of 28 financial service providers (FSPs), including commercial banks, microfinance banks, fintechs, and industry regulators. The pressing reality is that financial products and services often fail to address the unique needs and challenges faced by low-income women. Many existing offerings lack the longevity and trust-building elements necessary for these women to fully embrace formal financial services, and some even create unnecessary barriers to access.

To bridge these gaps and empower financial service providers, regulators, and policymakers, Women’s World Banking developed the Savings Mobilization Replication Toolkit. This toolkit equips organizations with an integrated behavioral design solution that tackles the underlying behavioral barriers faced by women throughout their savings journey. It addresses both their expressed and unspoken needs, providing a comprehensive approach to overcoming barriers at various touchpoints.

RELATED: Financial inclusion, a sustainable pathway to empowering women.

Following Women’s World Banking’s women-centered design methodology, the toolkit offers end-to-end support to project teams. It begins with assessing the organization’s suitability for the solution and securing internal approval and alignment. It then guides the implementation of the Savings Mobilization solution in the field and enables ongoing performance monitoring. With its holistic and self-guided blueprint, the toolkit empowers financial institutions to seize the significant market opportunity presented by the low-income women segment, offering a tailored and relevant savings solution.

The toolkit consists of sequential sections that follow a replication methodology. It includes practical worksheets and frameworks to facilitate project planning and provide close guidance throughout the process. Additionally, it offers valuable tools to support implementation and enable effective monitoring.

By leveraging the Savings Mobilization Replication Toolkit, financial institutions can proactively address the needs of low-income women, foster financial inclusion, and drive meaningful impact. This thought leadership-driven initiative positions Women’s World Banking at the forefront of empowering women through innovative financial solutions.

To access the toolkit, click here.