2015 - 18th Annual Steven Galovich Memorial Student Symposium

Presentation Title

Savings Groups in Connection with Mobile Banking

Student Presenter(s) and Advisor

Hailey Hart, Lake Forest CollegeFollow

Location

Meyer Auditorium

Abstract

With three billion people lacking access to formal financial services, the over 250,000 savings groups in Sub Saharan Africa are providing an alternative for accumulating capital. This video research summary explains the savings cycle of these self-managed financial groups that result in enhanced social capital, financial literacy, and business training, especially among women. Mobile banking, with the phone serving as a debit card, improves safety and banking expediency. The research findings of this investigation revealed that the combination of savings groups and mobile banking results in reduced transaction costs, improved security, and more convenience while promoting saving and borrowing.

Presentation Type

Individual Presentation

Start Date

4-7-2015 10:30 AM

End Date

4-7-2015 11:45 AM

Panel

Financial Services and Business Activities of the Forgotten Majority

Panel Moderator

Les Dlabay

Field of Study for Presentation

Business, Economics, Finance, International Relations

No downloadable materials are available for this event.

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Apr 7th, 10:30 AM Apr 7th, 11:45 AM

Savings Groups in Connection with Mobile Banking

Meyer Auditorium

With three billion people lacking access to formal financial services, the over 250,000 savings groups in Sub Saharan Africa are providing an alternative for accumulating capital. This video research summary explains the savings cycle of these self-managed financial groups that result in enhanced social capital, financial literacy, and business training, especially among women. Mobile banking, with the phone serving as a debit card, improves safety and banking expediency. The research findings of this investigation revealed that the combination of savings groups and mobile banking results in reduced transaction costs, improved security, and more convenience while promoting saving and borrowing.