Cenfri's Hennie Bester elaborates:
Note 4 of the MAP Global Insight Series zeroes in on what it means to use a financial product – in this case, a bank account. The note scrutinises how bank accounts are being used, analyses why they are being used this way, and asks why banks accounts are not used more. The note also makes suggestions for why banks are not really responding. Furthermore, the note examines how the way in which bank accounts are being used by consumers in the MAP pilot countries for the most part ultimately leads to consumers being worse off financially. It then considers why policymakers, providers and donors should be very concerned about this situation, and suggests possible options under the circumstances.
The MAP Global Insights series attempt to consolidate and synthesise the learnings from the first six MAP pilot countries which have been conducted in Thailand, Myanmar, Swaziland, Mozambique, Lesotho and Malawi.