Rose Ngugi is a senior researcher and Executive Director, Kenya Institute for Public Policy Research and Analysis, where she manages research and capacity-building activities at the institute. Her research interests include financial sector developments, macroeconomic issues, and sustainable development. She has published widely in peer reviewed journals and discussion papers.Kunal Sen is Director of UNU-WIDER, Helsinki, Finland, and Professor of Development Economics, Global Development Institute, University of Manchester, UK (on leave). He has over three decades of experience in academic and applied development economics research. He has performed extensive research on the political economy of growth and development, international finance, the dynamics of poverty, social exclusion, female labour force participation, and the informal sector in developing economies. His research has focused on India, East Asia, and sub-Saharan Africa. He was awarded the Sanjaya Lall Prize in 2006 and the Dudley Seers Prize in 2003 for his publications.

• PART I: INTRODUCTION 1: Rose Ngugi and Kunal Sen: The domestic savings shortfall in sub-Saharan Africa: What are the key issues? PART II: THEMATIC STUDIES 2: Njuguna Ndung'u: Fintech, savings, and financial inclusion in sub-Saharan Africa 3: Githinji Njenga, Josphat Machagua, and Samwel Gachanja: Accelerating capital markets development in sub-Saharan Africa 4: Owen Nyang'oro and Githinji Njenga: Old-age savings in sub-Saharan Africa 5: Tony Addison and Amir Lebdioui: Sovereign wealth funds in Africa 6: Maureen Were: Public debt challenges in sub-Saharan Africa 7: Elizabeth Asiedu, Fafanyo Asiseh, Theresa Mannah-Blankson, and Jones Arkoh Paintsil: The effects of financial liberalization on private savings in sub-Saharan Africa 8: Prema-chandra Athukorala and Wanessa Suanin: Economic growth and savings transition in Asia: Unity in diversity PART III: COUNTRY STUDIES 9: Rodgers Musamali, Cecilia Mutia, and Rose Ngugi: Drivers of domestic saving in Kenya 10: Maureen Were and Cornel Joseph: Determinants of domestic savings in Tanzania 11: Charles Godfred Ackah and Monica Lambon-Quayefio: Understanding domestic savings in sub-Sahara Africa: A case study of Ghana 12: Abrams Tagem and Desiree Sama-Lang: The determinants of domestic savings in Cameroon PART IV: CONCLUSION 13: Rose Ngugi and Kunal Sen: Conclusions and policy implications

Rose Ngugi is a senior researcher and Executive Director, Kenya Institute for Public Policy Research and Analysis, where she manages research and capacity-building activities at the institute. Her research interests include financial sector developments, macroeconomic issues, and sustainable development. She has published widely in peer reviewed journals and discussion papers.Kunal Sen is Director of UNU-WIDER, Helsinki, Finland, and Professor of Development Economics, Global Development Institute, University of Manchester, UK (on leave). He has over three decades of experience in academic and applied development economics research. He has performed extensive research on the political economy of growth and development, international finance, the dynamics of poverty, social exclusion, female labour force participation, and the informal sector in developing economies. His research has focused on India, East Asia, and sub-Saharan Africa. He was awarded the Sanjaya Lall Prize in 2006 and the Dudley Seers Prize in 2003 for his publications.

• PART I: INTRODUCTION 1: Rose Ngugi and Kunal Sen: The domestic savings shortfall in sub-Saharan Africa: What are the key issues? PART II: THEMATIC STUDIES 2: Njuguna Ndung'u: Fintech, savings, and financial inclusion in sub-Saharan Africa 3: Githinji Njenga, Josphat Machagua, and Samwel Gachanja: Accelerating capital markets development in sub-Saharan Africa 4: Owen Nyang'oro and Githinji Njenga: Old-age savings in sub-Saharan Africa 5: Tony Addison and Amir Lebdioui: Sovereign wealth funds in Africa 6: Maureen Were: Public debt challenges in sub-Saharan Africa 7: Elizabeth Asiedu, Fafanyo Asiseh, Theresa Mannah-Blankson, and Jones Arkoh Paintsil: The effects of financial liberalization on private savings in sub-Saharan Africa 8: Prema-chandra Athukorala and Wanessa Suanin: Economic growth and savings transition in Asia: Unity in diversity PART III: COUNTRY STUDIES 9: Rodgers Musamali, Cecilia Mutia, and Rose Ngugi: Drivers of domestic saving in Kenya 10: Maureen Were and Cornel Joseph: Determinants of domestic savings in Tanzania 11: Charles Godfred Ackah and Monica Lambon-Quayefio: Understanding domestic savings in sub-Sahara Africa: A case study of Ghana 12: Abrams Tagem and Desiree Sama-Lang: The determinants of domestic savings in Cameroon PART IV: CONCLUSION 13: Rose Ngugi and Kunal Sen: Conclusions and policy implications

Rose Ngugi is a senior researcher and Executive Director, Kenya Institute for Public Policy Research and Analysis, where she manages research and capacity-building activities at the institute. Her research interests include financial sector developments, macroeconomic issues, and sustainable development. She has published widely in peer reviewed journals and discussion papers.Kunal Sen is Director of UNU-WIDER, Helsinki, Finland, and Professor of Development Economics, Global Development Institute, University of Manchester, UK (on leave). He has over three decades of experience in academic and applied development economics research. He has performed extensive research on the political economy of growth and development, international finance, the dynamics of poverty, social exclusion, female labour force participation, and the informal sector in developing economies. His research has focused on India, East Asia, and sub-Saharan Africa. He was awarded the Sanjaya Lall Prize in 2006 and the Dudley Seers Prize in 2003 for his publications.

• PART I: INTRODUCTION 1: Rose Ngugi and Kunal Sen: The domestic savings shortfall in sub-Saharan Africa: What are the key issues? PART II: THEMATIC STUDIES 2: Njuguna Ndung'u: Fintech, savings, and financial inclusion in sub-Saharan Africa 3: Githinji Njenga, Josphat Machagua, and Samwel Gachanja: Accelerating capital markets development in sub-Saharan Africa 4: Owen Nyang'oro and Githinji Njenga: Old-age savings in sub-Saharan Africa 5: Tony Addison and Amir Lebdioui: Sovereign wealth funds in Africa 6: Maureen Were: Public debt challenges in sub-Saharan Africa 7: Elizabeth Asiedu, Fafanyo Asiseh, Theresa Mannah-Blankson, and Jones Arkoh Paintsil: The effects of financial liberalization on private savings in sub-Saharan Africa 8: Prema-chandra Athukorala and Wanessa Suanin: Economic growth and savings transition in Asia: Unity in diversity PART III: COUNTRY STUDIES 9: Rodgers Musamali, Cecilia Mutia, and Rose Ngugi: Drivers of domestic saving in Kenya 10: Maureen Were and Cornel Joseph: Determinants of domestic savings in Tanzania 11: Charles Godfred Ackah and Monica Lambon-Quayefio: Understanding domestic savings in sub-Sahara Africa: A case study of Ghana 12: Abrams Tagem and Desiree Sama-Lang: The determinants of domestic savings in Cameroon PART IV: CONCLUSION 13: Rose Ngugi and Kunal Sen: Conclusions and policy implications