Can Mobile-Linked Bank Accounts Bolster Savings? Evidence from a Randomized Controlled Trial in Sri Lanka

Suresh de Mel, Craig McIntosh, Ketki Sheth and Christopher Woodruff
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Suresh de Mel: University of Peradeniya
Craig McIntosh: University of California, San Diego
Ketki Sheth: University of California, Merced
Christopher Woodruff: University of Oxford

The Review of Economics and Statistics, 2022, vol. 104, issue 2, 306-320

Abstract: We introduce a new mobile money interface that permits Sri Lankans to deposit mobile airtime balances directly into a formal bank account. Randomizing access and prices, we find a small increase in savings deposits with the partner institution and formal banks more generally, but no change in overall savings. When the deposit transaction costs are completely removed, only 26% use the mobile deposit service and only 7% use it frequently. Our results imply that deposit transaction costs are not a significant barrier to increasing savings, limiting the potential gains of mobile-linked savings products for financial inclusion.

Date: 2022
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