Fighting poverty: Visa works to open more savings accounts in Nigeria
Global, Africa, Nigeria
A new program to employ local women as banking agents aims to boost savings and financial inclusiveness. Working with Visa Inc and global nonprofit organization Women's World Banking, the bank created BETA, a pilot program aimed at signing up low-income locals – particularly women – for savings accounts. The bank sent out agents to collect deposits to make the process easy and to put a personal face on the institution. And it worked. The program, which launched in April and is just wrapping up, was originally intended to enroll 16,000 people; it ended up creating 28,000 new accounts. More than 40% of the new account-holders were women. Now Diamond Bank is planning to roll out the program countrywide over the next six months.
For the Guardian article, click here.