Deadline: 12-Jul-2017 at 11:59:59 PM (Eastern Time – Washington D.C.)
There are few financial solutions that address the need for long-term savings for low income people in Sub-Saharan Africa and that could provide a stable pension when they reach retirement age. In Ghana for instance, saving is largely done in savings groups such as the susu collection system, which offers little interest (and therefore does not protect from inflation) and requires payment of a typically expensive fee to the collector. Even more daunting are voluntary pension saving products, which require convincing and encouraging participants to save over a long period for a payout that is far in the future. CGAP wants to test pension plans tailored to cocoa farmers in Ghana that leverage the advantages of digital technologies to provide customers greater flexibility and incentives to create pension savings for themselves. CGAP is seeking technical services to structure and test a solution and identify relevant lessons to be shared widely in an open access format.