Barclays and international development organisations CARE International (CARE) and Plan have launched Banking on Change in Ghana, a unique and pioneering microfinance initiative aimed at reaching half a million people in ten countries across the world and sixty three thousand people in Ghana.

The three organisations have joined together in a three year, £10 million initiative, called Banking on Change, which is aimed at reaching over 500,000 people in ten countries across Africa, Asia and South America. The partnership’s focus is on improving the quality of life for poor people by extending and developing access to basic financial services via a savings-led community approach.

In Ghana the partnership is targeted at poor people, especially women in the Upper West, Upper East, Northern, Central, Greater Accra and Volta Regions. However, nearly 90% of the support is going to the three Northern regions of the country. A total of about 63,000 will benefit from the programme.

This programme builds on the Barclays Microbanking programme launched in Ghana in 2005 working with Susu collectors and is part of the Barclays financial inclusion strategy in Africa to promote financial inclusion through the promotion of traditional and indigenous financial systems used by the unbanked.

The Managing Director of Barclays Bank of Ghana Limited, Mr. Benjamin Dabrah, said: “Over the course of three years, the project here in Ghana will seek to create over 4,000 Community Savings and Loans groups in the ten districts. In so doing we are aiming to increase financial literacy, improve the quality of life and enhance household income.”

He continued: “Our aim is to create a sustainable solution to the issue of financial exclusion. Around three billion people worldwide seek access to basic financial services which are essential to managing their lives. As a global financial services business we have an important role to play in supporting access to banking services which can help people to help themselves out of poverty. Barclays can do a great deal by developing microfinance products, but we also recognise the value of partnering with expert organisations like CARE and Plan to broaden our reach.”

In bringing together the skills and experience of each of the three organisations, the Banking on Change partnership is unique both in its pioneering cross-sectoral partnership model and in its focus on improving community finance methodology and innovation to drive scalability, sustainability and cost effectiveness.

Juvenal Afurika, Country Director of CARE Ghana, said: “I am delighted to be here for the launch of the Ghana project. Despite progress in reducing poverty in the developing world over recent decades, too many families still lack necessities such as food, water and healthcare. Access to even the most basic financial services can help households increase their incomes and reduce their vulnerability to emergencies such as illness and natural disaster. More specifically, successful microfinance projects generate an improved quality of life for people, enabling them to buy basic necessities and capital items, access health and education services, and invest in income generating activities.”

Samuel Paulos, Country Director of Plan added: “Community-based financial services tailored to the needs of poor and vulnerable households are already having a measurable impact in reducing poverty and improving general wellbeing and empowerment, particularly when offered to women.”

“Ensuring access to education for girls is one of the key fronts in the war against poverty and microfinance can play a big part in that. More than 90 per cent of people engaged in microfinance projects are women, and on the whole they are much more likely to plough their savings back into their families than men. With more money to spend, they can afford to keep their daughters in school, giving them the life opportunities they never had themselves and a prospect to move up the social ladder,” he said.

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For more information contact Kathryn Richards: +44 (0)207 934 9347, This e-mail address is being protected from spambots. You need JavaScript enabled to view it