“Before the mobile bank came, people here would save money either by putting it in a pot or hiding it in the ground. But if you die, no-one knows where you’ve hidden the money”
Farmer and Opportunity Mozambique client Lucas

Opportunity International is one of the few organisations offering secure and accessible savings accounts to the poor.

How can poor people afford to save?

“The reality is they can’t afford not to save,” says Lydia Opoku of Opportunity UK, “poor households will try and save whenever they can."

"Drawing on these savings is often the only way they can manage in a time of crisis, or afford to pay for their children’s education or a wedding.”

However, millions of people in developing countries can't access financial services at commercial banks because:

• banks won't accept their small deposits
• they can’t prove their identity
• banks are located far from where they live and work

Lucas says: “You can invest savings in cattle, although if the animal dies, you’ve lost your money. Or in an emergency you might be forced to sell it. It’s best to keep savings in the bank.”

How does Opportunity help?

We use cutting-edge technology (biometrics, mobile banks) to ensure accounts are secure and accessible where people live and work.

At Opportunity’s microfinance banks:

• People like Lucas can open a secure, interest-bearing savings account
• They can build assets and save for essentials such as education and housing
• Their money is accessible in times of crisis (medicine, funeral costs, etc)
• They can better plan for their future, and,
• Money in the bank benefits the community, by bringing unused capital into circulation and making it available for others to borrow.

More interesting info about savings

Boosting domestic savings in Africa

Q&A with Stuart Rutherford, author of “The Poor and their Money”

Aren’t poor people too poor to save?