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Driving financial inclusion using digital learning

Can digital learning tools improve financial engagement?

In June 2014, Vodacom Tanzania and the Commercial Bank of Africa (CBA) launched M-Pawa, a mobile savings and loan product in Tanzania. The service had the potential to increase access to finance for Tanzania’s rural population, 93% of whom had never used a formal bank product (FinScope Tanzania 2013). M-Pawa builds on the M-Pesa mobile money product to offer additional mobile banking services.

These include an interest-bearing savings account and instant loan service. Despite strong demand for the project, there was low uptake. The partners believed that this could be potentially driven by low financial literacy amongst the end user. An SMS-based education provider, was brought in to provide supplemental information services to M-Pawa users to address this problem.