The World Savings Banks Institute (WSBI) will be working with members in 10 different countries as a part of a global effort to dramatically increase the number of savings accounts among poor people in developing countries. In total, 10 banks were chosen to participate in the project from Kenya, Tanzania, Uganda, South Africa, Burkina Faso, Lesotho, Morocco, El Salvador, Indonesia and Vietnam.
WSBI selected the banks after a global competition based on proposals to increase access to financial services and banks’ existing presence in local communities. This project is supported by a three-year grant from the Bill & Melinda Gates Foundation to WSBI.
There are a number of efforts which WSBI members will undertake as part of this project. Some will be working to decrease the costs of having a savings account by upgrading IT systems. Others will be expanding their reach into areas where people have little to no access to formal financial services such as rural areas and poor neighbourhoods.
Chris De Noose, MD of WSBI, said: “We are excited to be working with our members in expanding even further our existing services to more people throughout the world. Ensuring that poorer people have formal savings accounts is important for the financial stability of the families involved and the general well being of the economy both in developed and in developing countries.
“Savings banks around the world are already leading the way in providing access to financial services for people in general. This is a great opportunity to work with members in developing countries in order to expand financial services and financial security even further.”
WSBI represents savings and retail banks and associations in 92 countries the world. It works closely with international financial institutions and donor agencies and facilitates the provision of access to financial sectors worldwide.
