Access to finance is viewed as a critical determinant of economic and social development, especially in
low-income countries. The availability of savings and credit products is expected to permit households to
be able to align income and expenditure patterns across time, to insure themselves against income and
expenditure shocks, as well as to undertake investments in human or physical capital. Access to credit and
other financial products reduces risk and vulnerability, increasing the ability of individuals and
households to have access to basic services like education and health and simultaneously addressing
issues of poverty reduction. Domestic savings on the other hand play a key role in financing development
in any economy by providing resources for investment, boosting financial market development and
stimulating economic growth. Savings mobilization can have a significant impact on growth by
increasing investment, productivity and human capital. Savings also reduce risk and vulnerability for the
poor. The provision of saving facilities allows poor people to accumulate funds in a secure place over
time to build up reserves that can be used to smooth consumption when unanticipated fluctuations in
income and expenditure occur.