Financial empowerment for the development of society
There are 1,700 million people around the world who lack basic financial service access (bank accounts, transactions…). Financial inclusion allows us to eradicate poverty and reduce inequality.
Economic and social development are impossible when there are people without access to basic financial services, i.e. those who don’t have a credit account, that cannot pay by credit card or ask for a loan…
Financial inclusion is synonymous with prosperity and it helps the population cope with and overcome economic crisis, health problems, unemployment situations, entrepreneurship… besides helping women to be more independent and have an active role in the evolution of society.
For this reason, both entities and institutions should play a key role and give financial resources to the inhabitants of developing countries located in Africa, Asia and also some areas of South America where people suffer from the effects of poverty.
It is estimated that around 1,700 million people across the world are financially excluded, 200 million in Latin America.
One of the companies that include financial inclusion in its main goals is Banco Santander, which counts on a multitude of projects, such as:
- Tuiio: The star financial inclusion program. It offers products and personalized services to those people with a low income and without access to banking services. These people are granted 400€ microcredits to start their business. 91% of the aid is allocated to women. In 4 years, it aims to finance 300,000 people.
- Prospera Brasil. The entity presided over by Ana Botín is considered a leader in granting micro-credits in Brazil to fight for financial inclusion. It grants 600€ credits to groups made up of 3-4 small entrepreneurs. 65% has been allocated for women. Since 2002, it has aided to the growth of 600,000 businesses in the country.
- Superdigital. It is a mobile app that lets people carry out basic transactions without owning a banking account. More than 500,000 people are already using it in Brazil, Mexico and Chile.
Financial inclusion is so important that it directly affects 7 out of the 17 Sustainable Development Goals of the NU. Being aware of it, Banco Santander wants to financially empower 10 million people across the world up to the year 2025 to contribute to these goals.