ACCION Plans Develop Savings Account Products for the Poor in South America- Bill & Melinda Gates Foundation
Program funded by Gates Foundation's Financial Services for the Poor initiative aims to reach more than a million savings clients in five years
BOSTON -- ACCION International, a pioneer and leader in global microfinance, today announced that it has received a three-year grant of $5.8 million from the Bill & Melinda Gates Foundation to introduce savings account products to under-banked populations in Bolivia, Colombia and Ecuador.
Under the terms of the grant, ACCION will work with the microfinance institutions (MFIs) BancoSol in Bolivia, Finamérica in Colombia and Credife in Ecuador to expand beyond their current focus on microlending by offering savings products tailored to the needs of their poor clients. For each partner, the project will include developing appropriate savings products, marketing and piloting those products, and introducing appropriate hardware, software and technology systems to integrate savings into their offerings.
To read the full press release visit the ACCION web site.