The groundbreaking Banking on Change partnership between Barclays and development charities Care International UK and Plan UK has helped more than 400,000 people save an astounding US$34m over the past three years.
Over 70% of the people reached, who typically live on less than US$2 a day, are women and more than 300,000 are under the age of 35.
Banking on Change took a savings-led, rather than credit-led, approach to microfinance. It has helped establish community savings groups where members can save and lend together, while also providing in-depth skills training to provide members with the skills they need to manage their finances and start small businesses.
As a result, the partnership has been able to reduce poverty, increase social equality, and encourage sustainable economic growth in communities across seven countries: Egypt, Ghana, India, Kenya, Tanzania, Uganda and Zambia. It is the first partnership between a global bank and international NGOs to successfully link informal savings groups to the formal banking sector, bringing societal and economic returns for all involved.