WSBI has begun working with members in 10 different countries as a part of a global effort to double the number of savings accounts among poor people. The member banks were chosen after a multi-country competition among banks based on strong outreach to the community and existing focus on increasing access to financial services among poorer people.
In total, ten banks were chosen to participate in the project from Kenya, Tanzania, Uganda, South Africa, Burkina Faso, Lesotho, Morocco, El Salvador, Indonesia, and Vietnam. All of the banks involved are members of WSBI with broad geographical outreach within their respective countries and strong traditions of working with lesser advantaged populations.
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The importance of savings
Research by the World Bank suggests that building domestic savings mobilisation helps the poor get out of poverty. Setting aside small sums in a safe place allows people to guard against risks like illness or crop failure, build assets, and provide opportunities to the next generation. Poor households with access to savings accounts and other basic financial services can manage unexpected events, invest in opportunities like education, and build financial security. Access to financial services in general is now recognised as a key condition for helping to break the chain of poverty and in supporting developing countries to achieve greater economic growth.
Expanding financial inclusion – the role of WSBI members
Three quarters of the estimated 1.4 billion accessible (low cost/low average balance) accounts in developing and transition economies are currently managed by savings banks. WSBI selected the banks for this programme to increase this outreach even further after a global competition based on proposals to increase access to financial services and banks’ existing presence in local communities. All of the banks involved are members of WSBI with broad geographical outreach within their respective countries and strong traditions of working with lesser advantaged populations.
In total, ten banks were chosen to participate in the programme:
- SONAPOST, Burkina Faso
- Sistema FEDECRÉDITO, El Salvador
- Bank BTN, Indonesia
- Kenya Postal Savings Banks Office (POSTBANK), Kenya
- Lesotho Postbank (LPB), Lesotho
- Poste Maroc, Morocco
- South African Postbank (SAPO), South Africa
- Tanzania Post Bank, Tanzania
- Postbank Uganda (PBU), Uganda
- Vietnam Postal Service Company (VPSC), Vietnam.
There are a number of projects which WSBI members will undertake as part of this broad programme falling under three main categories:
- Upgrading the IT systems to make savings accounts more affordable;
- Developing a non-banking agent network; and
- Designing specific products for poor people.
Detailed descriptions of the projects will be released in the near future.
This project is supported by a three-year grant from the Bill & Melinda Gates Foundation to WSBI. The grant is part of the foundation’s Financial Services for the Poor initiative, which is working with a wide range of public and private partners to harness technology and innovation to bring quality, affordable savings accounts and other financial services to the doorsteps of the poor in the developing world.
More information
Newsletters
More background information and research on this topic can be found in the following Perspectives editions:
For a special edition of News & Views devoted to the programme, click here.
Click below for a brochure about the programme
English version - German version - Spanish version
For information in the mediaclick here