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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 substances a couple of occasions per week. She doesn’t make a lot however, after she covers bills, Martha is ready to put some financial savings apart daily. Her problem: maintaining these financial savings secure.
There’s a financial institution within the neighbourhood, however she can’t take the time to stroll to the financial institution and line as much as make deposits. In consequence, she till just lately had little selection however to cover her financial savings away in locations she hoped could be secure. However a greater answer got here her approach. Immediately, a Diamond Financial institution agent visits her daily, receives the cash she want to save and deposits it straight 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 steadiness. Not 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 fundamental 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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