Note From the Philippines: Client Learnings on Microsavings

Any good bank strives to understand its clients’ preferences and needs. This is especially critical when you’re working with very poor people. In our three-year microsavings project at CARD Bank in the Philippines, Grameen Foundation Project Manager Julie Peachey has worked with the CARD savings team to implement a better, more accessible savings product for their clients. She discusses her experience in the September edition of Microlink’s Notes from the Field. We've included a short excerpt of her piece below, followed by a link to the whole article.

CARD Bank client with her ATM card.

“By the grace of God, my business is running well these days. CARD Bank’s Matapat account is convenient for small traders like me. I need smaller amounts more frequently for my business, and the ATM helps me withdraw money at my convenience.” What a joy to hear Evangeline, a CARD Bank client, speak so positively about her experience with the various features of a newly designed savings product. In a conversation with our team, Evangeline told us that she likes that Matapat ensures a return on her savings, and she is particularly pleased about the texting service for deposit pick-ups. Evangeline explained to us, “I am using SMS pick-up to deposit to my account, thus avoiding a wait at a teller counter. The receipts given by the savings associate and confirmation message received on my mobile give a feeling of security since I know my balance from my phone.”

Scaling up affordable savings products

It was just about a year and a half ago that I arrived in San Pablo City, Laguna in the Philippines and took up my role on CARD Bank’s newly formed savings team as lead Project Manager from Grameen Foundation. Grameen Foundation is partnering with CARD Bank [i] in a three-year project aimed at scaling up CARD’s offerings of safe, convenient, and affordable savings products to poor clients. The goal is to reach 350,000 new voluntary savers by October 2012.

>> Continue reading this article at Microlinks' website.