Rethinking Financial Services Taking Stock of our achievements
Rethinking Financial Services Taking Stock of our achievements and forging the way forward SACCOs and Savings Groups SACCOs and Savings Groups Who do they serve and what do members utilize them for? Current User Profiles General Uptake of Financial Services Uptake of Formal Financial Services Mobile money services 50% 17% 14% Commercial bank services Insurance services Uptake of Informal Financial Service 60% 16% 12%
2013 2017 How many adult Tanzanians are in a SACCO or Savings Group? 2% (429,000 people) of adults 16 years or older are a SACCO Member and 16% (4.4 Million) are Savings Group members Savings Groups Informal Groups Uptake 16% Savings Group 12% 2013 2017 Who are savings group members? Urban
16% 84% Rural 16% 84% Female Male 20% 80% 12% 88% 16 to 24 years 8% 25 to 34 years 92% 19% 81%
35 to 44 years 21% 79% 45 to 54 years 23% 77% 55 years and above 11% 89% Saving Group Member Non-Member Who are savings group members? Formal sector salaried 17% 83%
Dependents 8% Two highest quintiles Middle quintiles Two lowest quintiles 72% 74% 85% 92% 15% 18% 15% Saving Group Member 85% 82% 85% Non-Member Membership and Groups About three quarter of informal groups are self-established Types of informal groups Base=saving group members only
Members self established savings gr... Rotating savings g... Number of groups they have joined? Base=saving group members only 73% 25% More than three; 1.60% Three groups; 2.35% Agency established savings gr... 3% One group; 79.36% Other savings gr... 0% Two groups; 16.69% Half of saving group members have been in their group for more than 2 years Meeting frequency? Base=savings group members only
Since when have you been a member? Base=savings group members only 5 years ago or more 2 years or more ago but less than 5 years ago Over a year ago, but less than 2 years ago Between 6 months and a year ago Up to six months ago Weekly 15% 35% 20% 17% 14% Twice a month 60%
9% Once a month Less than once a month 4% Others 1% 26% One third of members joined because they recognized the risk mitigation mechanisms of a savings group Main reason to join savings group? Base=saving group members only To save m... 25% Can turn to them when in financial ... 18% Can get access to money in case of loss or emergency/ac... 15%
To socialise or meet friends/to net... 13% To borrow m... 13% They give financial ad... It forces me to ... They give information on matters such as education, hea... O 7% 3% 2% 4% Savings groups are both a source of credit as well as a savings vehicle Which services do members utilize? Base=saving group members only Save with the ... 96% Borrow from the group with int...
80% Go to the group for money when you have an emergency or a social event such as weddings and fun... 80% Buy s... Borrow from the group without int... 56% 12% Insurance services (through com... 4% Other ser... 7% Savings groups provide indirect access to formal channels Does their group ? Base=Savings Group Members only ontribute towards funerals or other emergencies of group members and their fami... 83% Have a constitut... 77%
Contribute towards social events of group members e.g. weddings, birth of a c... 66% Have a bank account where the savings of members are ... 29% Use mobile money services to receive members money from mem... 21% Have a joint income generating activity e.g. brick making, basket ma... 20% Buy assets for the group/individual mem... 18% Use mobile money to store members m... Have a loan from a ... 12% 5% Have insurance (with insurance comp... 3%
6 in 10 groups require weekly contribution Frequency of contribution Base=saving group members only Every week 58% Monthly Contribution to all groups Twice a month 9% Once a m... Less than once a month 29% 4% Minimum 200 Maximum 780,000
Middle Value 10,000 4 in 10 savings group members borrow more than twice a year Frequency of borrowing Base= Saving Groups members only More than once a m... 7% Loan amount Mon More than twice a year but not every m... Once or twice a ... 8% 25% Minimum 1,000 Maximum
15,000,000 Middle Value 60% 100,000 One third of members utilize the fund to cover living expenses Social fund amount received Frequency of utilization of social fund Base=Savings group members only Minimum 5,000 Maximum 10,000,000 Middle Value More than once a month 50,000
9% Utilized for Base=Savings group members only Mon 5% Living expe... 33% Medical expe... More than twice year but not every month 20% 30% Fun 17% Social occa... Once or twice a year 66%
Unexpected tr... Ot 10% 3% 14% What other products do saving group members utilize? Uptake Base=Savings group members only Saving Group Member Banked 25% Other formal 55% 20% Informal only 77% of savings group members have taken up mobile money services
98% 55 years and above2% 98% 45 to 54 years 4% 96% 35 to 44 years1% 99% 25 to 34 years1% 99% 16 to 24 years% 100% SACCO Members Non-Members Who are SACCO members? Other2% Dependents%
Welfare% Pension3% Interest from savings, investments, stocks, unit trusts etc.% Rental income 6% Piece work/casual labor1% Service providers1% Traders - non-agricultural2% Traders - agricultural products1% Farmers and fishers1% Informal sector salaried% Formal sector salaried 13% 98% 100% 100% 97% 100% 94% 99% 99% 98% 99% 99% 100% 87% Two highest quintiles3% Middle quintiles2%
Two lowest quintiles1% SACCO Members 97% 98% 99% Non-Members Three quarters of SACCO members have been members for 2 years or more For how long have they been SACCO Members? Base=SACCO members only 5 years ago or more 44% 2 years or more ago but less than 5 years ago Over a year ago, but less than 2 years ago Between 6 months and a year ago Up to six months ago 33% 10%
7% 6% Almost half of SACCO members joined to access credit or emergency loans Main reason for joining a SACCO Base=SACCO members only To borrow m... 24% To save money/to buy sh... 15% Can turn to them when in financial ... 15% To socialise or meet friends/to net... 14% Can get access to money in case of loss or emergency/ac... 9%
They give financial ad... 8% It forces me to ... It is compulsory/expected o... I trust the members with my m... O 5% 3% 2% 6% 4 in 10 SACCO members appreciate SACCOs for their guarantee ability What do SACCO Members value most? Base=SACCO members only SACCOs act as guarantors for cr... 44% Can get access to the social/welfare fund when I need as... 33% I can sell my shares for pr...
They help negotiate prices for the things I ... None of t... 16% 2% 5% SACCOs are used for both accessing credit and saving What do they do within their SACCO? Base=SACCO members only 86% Borrow from the SACCO with interest 67% Earn dividends 56% Buy shares 56%
They help you get farm inputs 15% Access the welfare/social fund 15% Borrow from the SACCO without interest It helps to get a better price for produce/products 12% 7% Over three quarter of SACCOs have a bank account Does their SACCO? Base=SACCO members only Have a bank acc... 77% ontribute to funerals or other emergencies of members and their fami... 54% Contribute to social events of members e.g. weddings, birth of a c...
40% Have a joint income generating activity e.g. brick ma... 39% Use mobile money services to receive members m... 34% Have insurance to cover things e.g. equipment/investm... Have a loan from a ... Buy assets for mem... Use mobile money services for paying out divid... 28% 26% 19% 17% 8 in 10 SACCOs contribute at least once a month How often do they contribute to the SACCO? Base=SACCO members only Annu... The last time members contributed the majority
contributed 30,000 Tsh Quart... 17% 3% Once a m... Twice a m... Every ... 58% 7% 14% Two third of SACCO members borrow at least once a year from their SACCO How often do you borrow from the SACCO? Base=SACCO members only More than once a m... Mon
More than twice a year but not every m... Once or twice a ... Less than once a ... 3% 3% Most people borrowed around 600,000 Tsh when they borrowed last 23% 35% 36% 6 in 10 SACCO members utilize the welfare fund at least once a year How often do you utilize the welfare fund of your SACCO? Base=SACCO members only More than once a m... Over half of them utilized
the money for covering living expenses Mon More than twice a year but not every m... Once or twice a ... Less than once a ... 4% 19% 16% 20% 41% 7 in 10 SACCO members have taken up bank services What other services have they taken up? Base=SACCO members only Mobile M... 88%
B 70% Insur... 58% Pen 42% Savings Gr... 32% 8% Low levels of awareness and proximity issues are key barriers to SACCO uptake Why are they not in a SACCO? Base=Non SACCO members only Dont know SA... 34% Dont have the joining/membership...
22% Dont trust ... 16% Dont know of SACCOs in my commu... 10% They dont offer me any bene... 3% I can get the services they offer elsew... 2% O No specific re... 3% 10%
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