Wednesday 13th June 2012
A multi partnership is being formed to advance financial inclusion in Nigeria for underserved women to provide an opportunity for them to become economically and socially empowered through access to savings account. Visa Inc. and
Enhancing Financial Innovation & Access (EFInA) will provide the capitol to Women’s World Bank who will support Diamond Bank to develop a commercially viable savings product designed to meet the needs of women. The project is two fold with traditional bank branches and mobile phones as the means to deliver these savings accounts.“Without access to savings services, women are forced to keep cash at home or in informal savings mechanisms – both risky options that could result in theft or loss,” said Mary Ellen Iskenderian, president and CEO, Women’s World Banking. “Since women in developing countries are usually responsible for managing household budgets, gaining access to a safe way to save is often a critical stepping stone out of the cycle of poverty for the whole family.”The Nigerian government has made advancing financial inclusion a priority and this program will assist in the reaching of that goal.
For more information see the article from Visa.