Today, 2 billion people lack access to formal financial services. This represents a pool of customers with the potential to save US$145bn a year. This global challenge requires global solutions. Financial inclusion – starting with supporting people to save – can enable poverty reduction, social equality and the economic growth of the next generation.
Since 2009, Banking on Change, the partnership between Barclays and the charities CARE International and Plan UK, has been using a savings-led approach to financial inclusion that has already opened up access to financial services, and given the skills to save, to over half a million people. It has developed a model for linking informal savings groups to formal banking services. Read more about the work of Banking on Change or watch the Banking on Change video.
To bring this solution to scale, many organisations will need to work together. That’s why Banking on Change has created the Linking for Change Savings Charter which sets out international principles for effectively and responsibly linking informal groups of savers to formal banking products and services.
Sarah Mutanda, a 23-year-old farmer from Uganda © Jon Spaull / Banking on change
“It has empowered us, especially the ladies, to do business. I am able to earn a living. I can provide for my family, and my husband no longer has to provide everything.”Read Sarah's story