And at traditional banks, customers often find the bank charges so many fees that instead of earning any interest, they may actually lose money. It is a disincentive to save.
For many long years, Angelo worked in the Nairobi Industrial Area as a laborer, away from his wife Elas and three pre-teen children—one in seventh grade and twins in third grade. He’d send a small amount of money home to help his family, but it wasn’t enough.
At home, a small plot of land in the village of Magacha, finances were tight. Elas had a small kiosk at market where she sold a few items just to help her family survive.