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World Savings Bank Institute renews Campaign Commitment to research youth financial products and initiate product through member bank

Summary: The Microcredit Summit Campaign is pleased to announce that WSBI is renewing their Campaign Commitment, joining a global coalition to help 100 million families lift themselves out of extreme poverty.

 

Washington, DC – The Microcredit Summit Campaign is pleased to announce that the World Savings Bank Institute (WSBI) is renewing their Campaign Commitment, joining a global coalition of organizations committed to specific, measurable, and time-bound actions to advance the Campaign’s goal of helping 100 million families lift themselves out of poverty.

 

WSBI’s dedication to the global movement, through supporting a diversified range of financial services that responsibly meet customers' transaction, saving and borrowing needs, demonstrates the power of partnerships against poverty and also inspires new collaborations with those committed to supporting the movement of millions out of extreme poverty.

 

 “Our campaign commitment not only contributes directly to our financial inclusion programme’s goals but also to fulfilling our high level mission of increasing financial access and financial usage for everyone. What’s more, empirical evidence at micro-economic, local economic and macro-economic levels supports the conviction that financial inclusion helps poor households improve their lives and spur economic activity. WSBI’s Marrakech Declaration goal of ‘an account for everyone’ is also fully consistent with the Microcredit Summit Campaign’s goals” says Chris De Noose, WSBI Managing Director.

 

WSBI was among those who launched a Campaign Commitment in 2013 at the Partnerships against Poverty Summit held in Manila, Philippines. For the coming 17th Microcredit Summit to be held in Mérida, Mexico this September 3-5, WSBI has renewed their Campaign Commitment as follows:

 

  • WSBI will continue its efforts to deepen understanding about youth markets in order to better identify successful strategies for inclusive financial products and services focusing on 4 key areas - usability, affordability, accessibility and sustainability. We are also pursuing a new research focus on youth financial products and aim to facilitate the launch by at least one member bank of a product offer initiative that fits more easily with the money flows that youth and young adults actually manage in their day to day lives. This should contribute to creating a more nuanced segmentation of the young adult market as well as creating a useable characterization of evolving needs in this market.
  • Additionally, WSBI will hold with partners and member banks at least three learning events during 2015 to share knowledge about appropriate pricing research conducted in Burkina Faso, El Salvador, Indonesia, Kenya, Lesotho, Morocco, South Africa, Tanzania, Uganda, and Vietnam and the implications of this research on successfully implementing savings products for the poor.

 

This renewal strengthens and builds on the tremendous progress made by WSBI on their Commitment announced last year.  That Commitment included the following:

 

  • WSBI will further deepen understanding about youth markets to better identify successful strategies for inclusive financial products and services focusing on 4 key areas – usability, affordability, accessibility and sustainability – seeking to publish at least a preliminary outcomes summary by the end of 2014.
  • Additionally, WSBI will hold with partners and member banks at least three learning events during 2014 to share knowledge about appropriate pricing research conducted in Burkina Faso, El Salvador, Indonesia, Kenya, Lesotho, Morocco, South Africa, Tanzania, Uganda, and Vietnam and the implications of this research on successfully implementing savings products for the poor.

 

The Campaign looks forward to our continued partnership with WSBI in the global coalition and sharing future progress in our collective efforts to help bring about the end of extreme poverty.

 

Read the WSBI Commitment letter.

 

For more information on Commitments and the 100 Million Project, visit www.microcreditsummit.org or write to mycommitment@microcreditsummit.org

 

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The Microcredit Summit Campaign (the “Campaign”), a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of extreme poverty. The 100 Million Project (focused on Goal 2) was launched in response to World Bank President Jim Yong Kim’s call to end extreme poverty by 2030 and in recognition that full financial inclusion can only be achieved by targeting the extreme poor.  The coalition of Campaign members announcing Commitments is aimed at motivating microfinance stakeholders to provide products and services that reach the extreme poor and facilitate their movement out of poverty. www.microcreditsummit.org  


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