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Savings is a crucial element in providing financial services to the poor that meet their needs – accessibility, affordability and convenience. Through this project, Grameen Foundation Indiadeveloped the potential of the Business Correspondent (BC) approach to expand mobile savings services to the poor in India with Cashpor Micro Credit (Cashpor), a microfinance institution operating in two of India’s poorest states – Bihar and Uttar Pradesh. Grameen Foundation India provided project management, change management, staff and client training content and processes for data and financial flows between the partners.
Cashpor acquired 160K microsavings clients within 3 years – 95% live below $2.50/day and 75% below $1.25/day demonstrating the ability of the poor and very poor to regularly save small amounts, thus enabling them to build up assets that protect them from shocks and allow them to invest in their families and businesses. In addition, accounts demonstrated a dormancy rate of only 20% as against national average of 80% and the account opening time reduced from 3 months to 20 days.
Market Research and Product Development
Marketing and Financial Literacy
Enabling Field Transactions
Institutional Capacity Building
Watch this video to learn more about how we empowered Cashpor’s women clients by offering them access to savings accounts.
This case study on channel innovation explores how Cashpor transformed from a MFI to a MFI-BC to provide multiple financial services to the poor.
This case study analyzes Cashpor’s business correspondent model and describes the infrastructure used to deliver the BC services.
This case study talks about Cashpor and Grameen Foundation India’s experience in managing dormancy in savings accounts opened by …