Bill Clinton calls for the financial inclusion of the poor in Tanzania
Bill Clinton has said the myth that the poor are not bankable is wrong and called on banks to find ways to include poor people in their services to improve their standard of living and the country's economy.Bill Clinton
said the myth that the poor are not bankable is wrong and called on banks to find ways to include poor people in their services to improve their standard of living and the country's economy.
former United States President was in Dar es Salaam last Saturday (August 3rd) to inspect the projects being carried out as part of the Banking on Change initiative, which is funded by his foundation, the Clinton Global Initiative.
"This is what responsible banking should be doing, helping real people do real things," said Mr Clinton, quoted by Tanzania Daily News.
Introduced in Tanzania in 2009, Banking on Change aims to provide communities with the opportunity and skills to save and manage their money more effectively.
The programme focuses on savings-led microfinance. It supports the establishment of savings groups such as Village Savings and Loans Associations in poor communities.
"Our targets for Phase Two include linking 500 groups or 30 per cent of all groups to Barclays or other formal financial institutions," said Chief of Staff to CEO at Barclays Bank Catherine French.
She added that over £1.05 million pounds (€1.2 million) will be invested during the next three years.
Currently, only 14 per cent of the population has access to banking and financial services, mainly in cities.