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As
of September 2008, SafeSave's 8 branches are
serving 13,000 clients with an average savings balance of $25 earning 6% annual
interest. There are 8,000 active loans averaging
$60. Each month 64
collectors, all of them women from low income neighborhoods, process more than
100,000 small transactions using handheld computers. SafeSave
has been financially sustainable since 2005, when it stopped accepting donor
grants, and began borrowing at commercial
rates. SafeSave's loan interest rate is 36%, against
an average cost of capital of 5%. Margins must be high to pay for the cost of
flexible loans and a daily doorstep service, which clients are very willing to
pay a premium for. Large-scale MFIs in For more details on SafeSave's financial performance please see the Annual Report and the audited Financial Statements as at June 30 2008. |