Africa Fintech Summit 2023: Survey Report "Savings Group and Zambezi Club Wallet (now QuickCache)"

Introduction

This report presents the findings from a survey conducted during the Africa Fintech Summit on 2-3 November 2023. The survey focused on Savings Groups and the Zambezi Club Wallet, recently rebranded to QuickCache. It aimed to understand the preferences, objectives, and challenges of individuals in savings groups, and their attitudes towards using QuickCache.

Methodology

The survey was distributed to participants of the Africa Fintech Summit. It comprised various questions related to the demographics of the respondents, their involvement in savings groups, their financial objectives, and their interest in and preferences forQuickCache. The analysis includes percentage distributions, comparative studies between different groups, and identification of common trends and challenges.

Key Findings

1. Respondents’ Involvement in Savings Groups

About 81.82% of the respondents who are members of a savings group or know someone close in a savings group believe that saving collectively helps achieve personal and shared financial aspirations more effectively than saving alone. This emphasizes the value placed on collective saving efforts among retail investors.

2. Interest in QuickCache

All respondents showed interest in the QuickCache platform. The predominant financial objective for this was 'Saving and Investing', with a significant emphasis also on 'Investing' . This indicates a strong inclination towards using digital platforms for both financial management and growth, in addition to solving their transparency and record keeping challenges.

3. Monthly Savers’ Financial Objectives

Among respondents who save monthly, the most common financial objectives are a mix of 'Saving + Investing' (44.44%) and 'Saving + Investing + Borrowing' (22.22%). This diversity in objectives reflects a nuanced approach to financial management among monthly savers.

4. Analysis of Cache Account Preferences

The preferences for cache account types among savings group members are varied, with 'Savings Group Cache' being the most popular choice (33.33%), followed by 'Leisure Cache' and 'Family Cache' (both at 23.81%). This indicates the need of a range of financial solutions within the savings group community.

5. Gender Distribution of Respondents

The survey showed a relatively balanced gender distribution among respondents, with male respondents appearing at 53.33% and female respondents at 46.67%. (Reflecting more male engagement during the conducting of the survey during the period).

6. Challenges Faced by Savings Groups

The largest (50 members) and smallest (5 members) groups were identified based on answers provided by respondents, Both categories picked 'Lack of Diversification' or lack of investment options as their primary challenge. This unanimous response across groups of varying sizes highlights diversification as a key concern in savings groups.

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