ESBG and WSBI members are committed to building a financially inclusive society, by providing access to adapted financial services to all categories of the population, including poor and low-income households and small entrepreneurs.
At European level, many ESBG members have introduced specific, targeted schemes to ensure access to necessary basic financial services.Click here for more information.
In developing and transition economies, a study evidenced that three quarters of the estimated 1.4 billion accessible (low cost/low average balance) accounts are currently managed by savings banks. Accessibility and affordability of the products, as well as the development of proximity networks, including in remote and underserved areas are part of their key assets for such a large outreach.
Click here for more information about WSBI Access to finance activities.
On the occasion of their 2009 World Congress, WSBI members renewed their commitment to financial inclusion in the context of the global financial crisis and identified areas to develop further policy and business actions.Click here to access the Santiago Declaration in English - Spanish - French - German
Please click for more information about ESBG and WSBI members’ involvement in:
Financial education initiatives
Financial education is a key field of ESBG and WSBI members’ contribution to society and interaction with stakeholders. Savings banks play a key role in educating people on finance and budget, far beyond the scope of their clientele. They are motivated by the strong belief that these initiatives contribute to bank people, prevent social and economic exclusion and that citizens with a better knowledge of financial issues are able to make informed choices.
Many ESBG members have been involved in creating an participating in various financial literacy schemes at the local level, tailoring the needs of the target groups and covering literacy programmes in primary, secondary and higher education. Click here for more information.
ESBG is also actively involved in two practical initiatives on European level to encourage the sharing of experience and best practices in the field of financial education:
- the Expert Group on Financial Education (EGFE);
- the European Database for Financial Education (EDFE) in which a number of schemes initiated and carried out by ESBG members are presented
ESBG coordinates the European Stock Market Learning (ESML ) initiative, which involves members from Austria, France, Germany, Italy, Luxembourg, Spain and Sweden.
In developing countries, the issue of financial education is to be directly connected to the debate on access to finance, with the provision of basic information about money and the benefits of having a relationship with a formal banking institution. The end objective is to build the required long-term trust and ultimately to enlarge the level of “bancarisation” of the population. Click here for more information on WSBI policy views on financial education
WSBI also facilitates the involvement of members in financial education schemes, specifically targeting children, see partnership with Aflatoun and interviews with Jeroo Billimoria and S. Mukweli.
Examples of financial education programmes developed by members for the different categories of target groups. These are listed amongst the good practices promoted by the OECD International Gateway for Financial Education.
Microfinance has become a global phenomenon with the recognition of the need for inclusive financial services not only in developing countries but also in the developed world. In the eyes of the general public, microfinance tends to be limited to microcredit. However, the scope of microfinance is broader and includes providing an adapted and diverse range of financial products and services to poor and disadvantaged populations around the world. It thus covers a whole range of small amount financial products, including savings, insurance, pensions, national/international monetary transfer services and payments services.
Microcredit has become a key topic on the European social and economic agenda. It is increasingly recognized by European actors as one of the solutions to improve access to finance for micro and small enterprises, and to fight social exclusion. European savings banks are important players in their regions both in providing access to credit to micro and small-sized companies.
Many ESBG members have a long standing history in increasing the level of access to financial services for entrepreneurs, and in putting in place social financial schemes that specifically target individuals at risk of financial exclusion. More information here.
WSBI members play a leading role in providing microfinance services. For a number of them, active in developing and emerging markets who count a substantial number of low-income people and small entrepreneurs as part of their clientele, microfinance is not seen as CSR activities but as a core line of business.
Other documents of interest include: