WWB has embarked on a program to introduce savings into the product mix of several of its network members, helping them to meet the evolving needs of their clients. WWB Network members that are currently implementing savings programs and products cover the globe and are in various stages of the process, ranging from the pilot phase to allowing clients to channel money from remittances into goal-oriented savings products. Savings can greatly benefit low-income entrepreneurs, giving them a means to build assets, such as housing, and attain long-term goals and financial security. Savings also constitutes an additional source of income for microfinance institutions (MFIs).

WWB's Introducing Voluntary Savings How-To Guide, featuring clients of AMFI (a member of AFMIN), Addis Ababa, Ethiopia.

WWB's efforts in the savings area are focused on Africa, and Latin America and the Caribbean. In Africa, WWB is working with network members in Benin and Uganda. African network members understand that many clients are already saving money through informal means (including savings collectors, or "tontiniers," who often charge substantial fees). The introduction of savings enables MFIs to offer their clients safer, more formal savings mechanisms, and options to build up savings over short, medium and long periods of time. Plans in Latin America include working with several WWB Colombian Affiliates that are in the process of formalizing to become regulated institutions (generally a requirement of offering savings). Banco ADOPEM in the Dominican Republic is one WWB Network member that has developed several savings products, and currently offers passbook and programmed savings and certificates of deposits. ADOPEM began the savings implementation process in 2003, and by 2006 savings deposits made up half of the organization's portfolio.

WWB can play a unique role in product implementation processes because of our ability to leverage the efforts of our Global Team members and their combined years of experience working closely with network members. WWB's newly-published Introducing Voluntary Savings How-to Guide was created to help microfinance practitioners, especially decision-makers, understand the principles of savings products. It also lays out the steps involved in adding a savings program and possible challenges that MFIs may face, and serves as an excellent resource for institutions considering savings. "The publication's goal is to provide expertise in key success factors for savings and the steps needed for effective implementation of new lending methodologies," said Saiful Islam, a member of WWB's Microfinance Products and Services team and the guide's main author. Introducing Voluntary Savings draws on years of practical experience in introducing savings in various contexts and institutions in the Philippines, Benin, Uganda and Dominican Republic, and follows the Introducing Individual Lending How-to Guide that is the first in this series.