This is a summary of a paper based on research by Afriqinsights and Tyroler & Associates, published by the United Nations Capital Development Fund (UNCDF), December 2018, 16 pages, available at:
https://www.uncdf.org/article/4278/labour-pains-discovering-the-financial-lives-of-zambian-mothers
According to previous research by UNCDF, 60 percent of Zambian women lack access to formal financial services. However, Zambian women, especially within low-income households, are inclined to save and borrow via informal systems. As three quarters of Zambian women are mothers, the authors suggest that financial service providers (FSPs) adjust their products to align more closely with the needs of mothers in terms of “cost, ease-of-use, accessibility, marketing and communication.”
Many of the existing products that cater to mothers – and women in general – remain relatively unused due to a lack of promotion among these groups. To interest Zambian mothers in digital financial services (DFS), the authors propose promoting these products by hiring women to explain the products in simple terms to other women. These descriptions should include information on the benefits of DFS, such as increased security. In addition to hiring women to act as ambassadors, DFS providers can utilize both digital and traditional social networks to promote their products. As an example, the authors cite education payments as a potential way for DFS providers to engage mothers with a service that can be more efficient and less costly than existing alternatives.
By Tiannah Steele, Research Associate
Sources and Additional Resources
UNCDF publication
https://www.uncdf.org/article/4278/labour-pains-discovering-the-financial-lives-of-zambian-mothers
UNCDF homepage
https://www.uncdf.org/
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