Banking on Change: Breaking the Barriers to Financial Inclusion
CARE International UK
Download Document| Date Published | 2013 |
| Version | |
| Primary Author | Alice Allan |
| Other Authors | Maude Massu and Christine Svarer |
| Theme | Financial Inclusion |
| Country |
Abstract
Whilst Europe and the US are in the grip of financial recession, seven of the world’s top ten fastest-growing economies are in Africa. But, amidst this picture of economic dynamism, poverty and inequality remain high. The Democratic Republic of Congo (DRC) is a striking example: it is one of the top ten, but, at the same time, ranks at the bottom of the UN’s Human Development Index. How, then, can economic growth lead to sustainable development and better benefit poor people? The Banking on Change partnership between Barclays, CARE International UK and Plan UK is addressing the global challenge of financial exclusion. It is the first partnership between a global bank and NGOs to link informal Village Savings and Loans Associations to formal banking services. Building bridges between big banking and remote village communities, it points to a model for development whereby NGOs and the private sector together improve the lives of poor people and have positive results for business. CARE Kenya is also part of the Banking on Change partnership at the country level. Read the full report on how the partnership has worked to fight poverty through innovation and collaboration.