Brussels-based World Savings and Retail Banking Institute (WSBI) has inked an agreement with Cignifi to develop and test-market an mobile savings product for underserved and dormant savers.
The new mobile savings product will be tested in partnership with Airtel Ghana and HFC Bank Ghana, which is a member of WSBI. The product will be tested on the Airtel Ghana Mobile Money platform.
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By GlobalDataWSBI managing director Chris de Noose said, "The product that we’re developing in partnership with Cignifi will help WSBI strengthen our leadership position in the use of new technology to promote financial inclusion.We foresee the mobile savings product becoming a direct contributor to financial inclusion in Ghana, and as a model for WSBI member banks to replicate in other markets."
The new product will blend features of mobile as well as savings products, and will be capable of accepting small payments.
It will allow customers to use Airtel’s network of mobile money agents to make deposits and withdrawals, which will relieve customers from the requirement of making visits to physical bank branches.
The customer base of Airtel Ghana will be segmented with the help of behaviour-based scores, which will boost targeted marketing campaigns to improve customer acquisition and usage.
HFC Bank managing director Asare Akuffo commented, "We believe that this mobile savings product will help nurture a savings culture, enable the bank to engage better with Ghana’s informal sector and grow our customer and deposit base."
