Showing results for "savings"
The readymade garments (RMG) industry has been a boon to Bangladesh’s economy by earning more than 10% of GDP and contributing to 84% of the country’s export earnings. Though most RMG workers started receiving wages through MFS wallets during the COVID pandemic, many do not have a formal bank account. Consequently, they cannot access a bouquet of financial products, such as credit, savings, insurance, and so on. Financial providers barely translate these needs into products and services that can serve RMG workers. However, they can cater to an untapped segment if they adopt an innovative design approach. Partnership with social enterprises that offer services to RMG workers can play a pivotal role here.
Despite remarkable progress toward digital financial inclusion, cash still accounts for 90% of transactions in Vietnam. The onset of the COVID-19 pandemic saw restricted mobility, concerns over cash exchange, and demand for digital saving instruments. This video shows a glimpse of how people embraced digital savings and payments channels during the pandemic.
“We see the potential volume, but do we design profitable products for low-and moderate-income (LMI) people?” MSC faces this question repeatedly in discussions with our clients across Asia and Africa—including our partners in Bangladesh and Vietnam under the MetLife Foundation-funded i3 program.
In the first blog, we raise the question on the key behavioral biases to keep in mind to create compelling, engaging, and profitable products for the low- and moderate-income segment. The second blog speaks of the similarities and differences in the LMI segment in Bangladesh and Vietnam. The blog also takes you through the lives and struggles of two personas—Morium from Bangladesh and Hoang from Vietnam.
This blog looks at key changes and implications of the new draft amendments to the branchless banking regulations released by OJK in 2021.
The case study encapsulates the digital transformation journey of BURO Bangladesh as it tried to offer mobile financial services to its clients. The road was not easy, but the efforts have finally started to yield results to both the MFI and its customers.
With the wide gap in access to formal credit for MSMEs in South and East Asia, micro-businesses often borrow from unreliable sources at exorbitant rates. Based on our Corner Shop Diaries research, this blog explores how and why corner shops take loans and the sources from which they borrow.