This site tracks the progress of P9, a pilot savings-and-loan product for poor households.

To learn about P9, go first the description page. To track its progress month by month, go to the status page. Other pages provide the full product rules, case studies of how clients use P9, and a database of financial and other reports. 

Please go here for a note on the possibility of running a version of P9 in the slums of Yangon, Myanmar

P9 in Bangladesh

'P9 Hrishipara' has been running since early 2007 in Hrishipara village in Gazipur District, Bangladesh.
It was devised and is managed by Shohoz Shonchoy, a microfinance organisation (MFO). 
Information about Shohoz Shonchoy can be found at thepoorandtheirmoney

'P9 Kalyanpur' started in Kalyanpur slum, in Dhaka city, in October 2010. It was established by Shohoz Shonchoy and then transferred to SafeSave, its sister MFO, in August 2011.
It was discontinued in late 2013 as a result of changes in the legal identity of SafeSave. Information about SafeSave is available at

P9 in Kenya

A version of P9, called Jipange Kusave, delivered by mobile phone, was piloted in Kenya by Mobile Ventures, supported by UK Aid.
For a public announcement please go to 
The pilot was deemed a success but a commercial partner could not be identified, so activity closed in 2012. However, many of the ideas, and some of the personnel, were taken up in the very successful M-Shwari project ( For a discussion of the influence of Jipange Kusave on M-Shwari go to the CGAP blog at 

Readers who may like to get involved with P9 are invited to go to the 'Binimoy' website.   

Recent news

Unfortunately, in December 2014, a new laptop bought for the upcoming system of data collection by smartphone, was stolen by motorbike-mounted thieves from Kalimullah, the Hrishipara Manager, who was riding a rickshaw at the time. He was not hurt. A replacement laptop has been bought.

We have recently devised several more product rule-sets, all based on the P9 approach. We show two. One is a version of P9 which imitates as closely as possible the cash-flows found in a ROSCA. The other is the most simplified version of the P9 idea that we have yet imagined. Both can be found on the databank page.

 A video by CGAP about the Bangladeshi mobile-phone company bKash was filmed in part in Hrishipara and shows good views of the village and nearby town. It is available at

We updated a couple of our case studies at the end of February 2014. 

In November 2013 CGAP published an article showing how Jipange Kusave (the product modeled on P9 and offered by mobile phone in Kenya - see note this page) lies behind the currently successful product known as M-Shwari in Kenya. Since its start up a little over a year ago M-Shwari has reached over 6 million customers, captured more than $300 million in savings and lent more than $60 million. You can read the article here.

In the autumn of 2013 SafeSave changed its legal identity (for more see As a result, P9 Kalyanpur has been closed. This site now focuses on the continuing story of P9 in its original home, Hrishipara 

In June 2013 two new products were incorporated into P9 Hrishipara. One is an interest-bearing passbook savings account and the other is a loan on interest (with no deductions into savings). This allows us to incorporate the existing P5 and P7 Hrishipara products into P9. See the new rules and see the update.

In February 2013 there was a fire in Kalyanpur that destroyed about 80 homes and shops and badly damaged the livelihoods or homes of 36 of our clients. See more on the data page.

In January 2013 we have posted a new review by scholar Ashirul Amin which looks at clients who don't take any cash out when they borrow

October 2012 we have posted a review called 'How Well have they Saved?' on the Five Years On page

Latest revised Product Rules are now displayed on the Product Rules page.

Approximately one third of P9 loans are repaid within 3 months, two thirds within 6 months, and almost all within 9 months. See Tufts scholar Ashirul Amin's new analysis.

P9 is five years old. The first nine clients signed up in March 2007
We look back at what has happened to the clients who opened accounts in the first few months of P9, in a new page 'Five Years On'

A blog was published by CGAP (the World Bank section that deals with microfinance) describing the principles behind P9. Available at

Scholar Ashirul Amin has provided tables and graphs summarising P9 in Hrishipara up to end January 2012. Access it on the data page.

On 1st February 2012 P9 Kalyanpur added a further Collector: we anticipate faster growth as a result.

The SafeSave 2010-2011 Report and the Shohoz Shonchoy 2010-2011 Audit have been added to the data page.

The three Case Studies have been updated to December 2011.

A new report on P9 in Kalyanpur has been prepared by Katja Buhrer. It describes her understanding of how P9 clients use the product, what they think of it, and what it means in their lives. Please find it on the data page.

On August 1st 2011 P9 Kalyanpur was transferred from Stuart Rutherford's ownership to SafeSave. This is good news for P9 Kalyanpur - see the status page. 

On August 1st 2011 new product rules rules came into effect for P9 Hrishipara, with immediate effect on transaction volumes and profitability - see the status page. 

On May 1st 2011, a fire broke out in Kalyanpur and destroyed about 100 homes. As far as we know, no-one was killed. P9 staff and property were unharmed. The fire occurred in two 'sections' of the slum where P9 does not yet work. The slum is known locally as 'purabustee' ('fire-slum') because it suffers so often from fires which spread quickly among the close-packed bamboo-sided huts that characterize the slum.