Holding funds for growth.
WHAT THE COMMON PRODUCTS ARE
Savings with interest Fixed-term deposits Group savings arrangements Investment in securities or funds Target-based savings
WHAT GROUP SAVINGS ARRANGEMENTS ARE
Rotating contributions where members receive the pool in turn.
WHY THEY MATTER LOCALLY
They are long-established, widely trusted, and digitised versions have substantial adoption.
WHAT DIGITISING THEM REQUIRES
Handling of members who default mid-cycle Clear rules on order and amounts Transparency to all members
WHAT TO BE CAREFUL WITH ACROSS ALL SAVINGS PRODUCTS
Promising returns Implying deposit protection that does not apply Operating without the required licence
WHY THAT LAST POINT
Taking deposits is a regulated activity, and offering returns may constitute investment business.
WHAT TO ESTABLISH BEFORE BUILDING
What activity you are actually conducting, and what licence it requires.
WHAT SAFEGUARDING REQUIRES
Customer funds separated and held appropriately.
WHAT TO DISCLOSE
Where funds are held What risk applies What happens if the provider fails
WHAT TO NEVER DO
Use customer funds for operations.
WHAT TO RECONCILE DAILY
Obligations to customers against assets held.
