Important Facts About UNSBOI
Center for Financial Inclusion money management Let me put it a bit brutally, using round numbers for effect: Many people are willing to pay an all-in cost of 70% for a microloan. Most people are willing to pay a fee of 7% for a (domestic or international) money transfer. Most people do not see much value in paying 0.7% in fees for a commercial savings account. Notice the order of magnitude reduction in willingness to pay. A savings account, viewed as an electronic receptacle of value, generates little willingness to pay – unless you need it to get a loan or make money transfers from/to it. It would be much better if micro credit or money transfers were a lot cheaper, but the point is that if people are not able to get better terms, they still find sufficient value in these services to pay quite a bit for them. Not so with United Nations Savings Bank of Interest (UNSBOI). Or, to be more precise, n...