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Promoting saving in Benin

Promoting saving in Benin

Benin

Using his tricycle, Denis Ahissou is reaping the fruits of his labor thanks to his daily domestic savings.

Five years ago, this Beninese man was able to start his own freight transport business with what he could save over time. Although he is not riding on four wheels, he says he is proud to be his own boss.

“Before, you have to wait until the end of the month before taking a salary. But right now,
every day, I am able to drop something off and my wife is comfortable and
my children, with that, life moves on,” saying Denis Ahissou.

For the past year, a local financial inclusion company has been organizing savings awareness sessions on World Savings Day. During the discussions, experts warn against what they call “risky savings”.

“Risky savings are savings that are built up under mattresses at home, in holes, in cans… There is savings that are built up in non-formal institutions and in neighbourhoods and shops,” saying Armelle ALLAVO, Organizer Savings Day in Benin

The idea of the World Saving Day in Benin is to get people to trust the formal financial system, while Benin’s savings rate is officially less than 17% of GDP. The task is not easy, especially since Denis is now the head of a small company and has been able to buy a second tricycle.

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