Agent banking is more appropriate than mobile money for linking informal savings groups to banks, due to the difficulties around validation for the latter. Mobile money is, however, appropriate for individual accounts. Information is key in providing pathways for digitizing informal savings groups. Despite agent banking and mobile money being commonplace, savings groups are often reluctant to use them to interact with banks if they don’t know exactly how it works.
Overcoming distance when digitizing informal savings groupsUNCDF