Nigeria FinTech Landscape - Impact Assessment

Impact of FinTech - gender inclusion Case Study: Pafupi Savings in Malawi developed a savings. product designed specifically to meet women's needs. Malawian women had a huge unmet need with savings Context ~6M out of 7.5M population in Malawi were unbanked in 2014 Only 27% of rural communities had access to bank accounts However, women were the household financial managers and savers, prioritizing how earned money is allocated Women began to set-up informal savings club in rural communities to drive saving NBS partnered with MicroLead program and Women's World Banking to understand the needs of rural Malawian women and design a savings account NBS created Pafupi Saving accounts with 5 key elements based on women's needs Bring bank to local community Agents visited rural communities and with mobile phones, opened savings accounts in under 10 minutes Offer convenience and security Recruiting local shopkeepers as fixed bank agents in the community removed cost of transportation to bank and provide security of savings Help women save regardless of income ■ Enabled women to make small deposits and withdrawals at local NBS bank agent and ATM No monthly charges and interest accrued on balances Educate new savers Financial education messages tailored to local context, group education sessions conducted financial planning, goal setting etc. Empower women ☐ Savings account is first point of access to formal economy for many women Savings profile financial security and possibility for access to loans and other bank offerings SOURCE: UNCDF MicroLead Partner Case Study Series - Pafupi savings: Expanding Financial Inclusion to Rural Women Impact to date Reached target rural women, 76% of whom were previously unbanked >200k Pafupi accounts by Dec 2018 Strengthened financial education and empowered women with increased financial stability EFINA 164

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