FIELD Report 10: Bringing the Unbanked Poor into the Financial Sector with Matched Savings Accounts

A growing body of research has shown that the demand for savings among the poor exceeds the demand for credit, and that savings-led products and programs can play a significant role in helping poor households build for the future, create assets, and better respond to emergencies.

Building on the success of online microlending programs such as Kiva and MicroPlace, WOCCU saw an opportunity to bring microsavings to the masses through a similar approach. Instead of seeking individual donations to fund microloans, WOCCU sought donations to match the savings of the unbanked poor. WOCCU’s MatchSavings program gave people living in marginalized and rural communities in Mexico an opportunity and incentive to open their first savings accounts. After making regular deposits, these “savers” received a 1:1 match on their savings and gained access to other financial products including loans and insurance.

WOCCU used funds from USAID’s FIELD-Support LWA, managed by FHI 360, to carry out independent research to identify the perceived impact of MatchSavings among participants and ways to improve the effectiveness of the program. This FIELD Report focuses on overall program results and research findings.