The financial firms said that the new service will include both traditional bank branches and mobile phones as channels to deliver savings accounts, which will empower the women socially and economically.
Women’s World Banking president and CEO Mary Ellen Iskenderian said without access to savings services, women are forced to keep cash at home or in informal savings mechanisms, both risky options that could result in theft or loss.
"Since women in developing countries are usually responsible for managing household budgets, gaining access to a safe way to save is often a critical stepping stone out of the cycle of poverty for the whole family," said Iskenderian.
The project will be implemented in there phases, mainly supported by Visa and EFInA.
During the first phase, Women’s World Banking and Diamond Bank will research and find out the nature of savings services required to Nigerian women, in order to improve their financial lives.
At second step, all the participated firms will design and pilot a product that will be available at physical branches and on mobile phones.
And lastly, a savings product will be introduced across the nation after a successful pilot.
Visa chairman and chief executive officer Joe Saunders said that around the world, there is a growing recognition that cash-based economies are a major impediment to advancing financial inclusion.
"Helping the underserved women of Nigeria move physical cash out from under mattresses and into formal savings accounts — combined with the potential of mobile phones to enable access to these accounts — will be a significant step toward financial inclusion in the market," Saunders said.
According to an estimate, approximately 77% women in Nigeria are financially underserved and research has shown that low-income women are good savers, but they need a safe and convenient way to save.
