2012年-世界发展银行全球_The_Jipange_KuSave_Experiment_in_Kenya_4页_211kb

Jipange KuSave Experiment in Kenya Summary

Core Content

The Jipange KuSave (JKS) experiment in Kenya aimed to test a mobile version of the P9 savings product, originally developed in Bangladesh. JKS combined the "lend-to-save" model of P9 with the M-PESA mobile money platform to create a financial service tailored for low-income clients, offering interest-free loans and savings integration.

Main Points

1. P9 in Bangladesh

• Concept: P9 is a savings product where clients receive a small interest-free loan, with one-third of the loan amount held as savings.
• Mechanism: Clients repay the loan at their own pace, and once fully repaid, they become eligible for a larger loan.
• Benefits: Provides liquidity for daily needs while encouraging savings.
• Client Profile: Piloted in a rural area with 790 clients, who on average borrowed $300 per year over 4.3 cycles.

2. M-PESA in Kenya

• Overview: Launched in 2007 by Safaricom, M-PESA became a dominant mobile money platform in Kenya.
• Growth: Reached 15 million users by early 2012, with a monthly transaction volume of US$665 million.
• Impact: Enabled fast and low-cost money transfers, making Kenya an ideal test market for a mobile savings product.

3. Jipange KuSave (JKS)

• Launch: Introduced in 2010 by Mobile Venture Kenya Ltd. (MVK), with support from FSD Kenya and CGAP.
• Model: Clients receive interest-free loans, part of which is held as savings in their M-PESA wallet.
• Advantages: No field collectors, real-time tracking, automated next-loan notifications, and privacy.
• Challenges: Risk of clients misusing funds, as there was no physical collection of money.

4. Client Profiles

• Demographics: Over half of JKS clients were urban, with the rest in rural areas.
• Banking Status: JKS clients were four times more likely to have bank accounts than the general population.
• Savings Behavior: 85% had savings accounts, but many were underutilizing them.
• Poverty Level: 41% of JKS clients lived on less than US$2.50 per day in 2005 PPP.
• Key Feature: Saving was the most important product feature for clients, helping them keep money secure until their goals were met.

5. Three Testing Phases

Phase 1 (February 2010)

• Clients: 145 in 3 locations (2 urban, 1 rural).
• Loan Amount: Ksh 2,000 (US$20).
• Fees: Activation fee of Ksh 150, disbursement fee of 2%, M-PESA transaction fees at 0%.
• Results: 10% repaid within 3 weeks, 77% began repaying within 2 months, 8-16% default.

Phase 2 (July 2010)

• Clients: 650 in 6 locations.
• Variations: Loan saved proportion varied (1/3 to 1/2), disbursement fee (2%, 3%, 5%), M-PESA transaction fees (Ksh 0, 10, 20).
• Improvements: Real-time tracking, automated next-loan notifications, and enhanced SMS content.
• Results: Clients appreciated the quick turnaround and privacy of receiving loans via M-PESA.

Phase 3 (February 2011)

• Clients: 200 acquired through field officers and referrals.
• Changes: Loan saved proportion increased to 50%, disbursement fee to 5%, M-PESA transaction fee to Ksh 10, activation fee increased to Ksh 450.
• Incentives: Monthly savings bonus introduced.
• Client Interaction: Reduced reminder calls by 50%, improved SMS relevance.
• Client Acquisition: Improved through a "good JKS client" profile and partnerships.

Key Insights

• Client Interest: JKS was well-received, with sufficient usage and repayment rates to suggest viability.
• Fee Tolerance: Clients were willing to pay fees for the convenience and speed of the service.
• Repayment Behavior: Repayment remained consistent even with reduced reminder intensity.
• Mobile Channel: The product can be delivered effectively through a mobile channel, though initial client acquisition requires agent involvement.
• Regulatory Hurdles: MVK faced challenges in obtaining a banking license, which is necessary for savings mobilization in Kenya.

Strategic Implications

• Demand for Innovation: JKS demonstrated strong demand for financial services tailored to low-income clients.
• Partnership Challenges: Aligning a start-up with an established bank proved difficult, suggesting that existing institutions may be more viable for scaling such products.
• Future Questions: Uncertainty remains about what happens after clients reach their savings goals and how to retain them.

Conclusion

The Jipange KuSave experiment provided valuable insights into the potential of mobile-based financial products that combine savings and credit. While it showed promise in terms of client engagement and repayment behavior, challenges in regulatory compliance and business model scalability remain. The experiment also highlighted the need for innovation in financial services and the importance of strategic partnerships for successful implementation.

References

• FSD Kenya and CGAP. 2012. "Review of CGAP and FSD Support to Mobile Venture Kenya."
• Hughes, Nick, Gautam Ivatury, Jonathan Petrides, and Stuart Rutherford. 2012. "Liquidity and Savings in the Age of M-PESA."
• Ivatury, Gautam, and Nick Hughes. 2012. "Jipange Kusave: A Mobile-Only Attack on the Kenyan Mattress."
• Mark, Okuttah. 2012. "M-Pesa Drives Safaricom as Profit Declines to Sh12.8bn."
• Rutherford, Stuart. 2012. "Product Innovation That Provides Useful Services for the Poor: P9 and Jipange KuSave."