MICROCAPITAL BRIEF: Barclays, CARE International and Plan International Launch $1m Banking on Change Microfinance Initiative in India

Barclays, a London-based international financial services provider, recently announced it will be expanding its Banking on Change program in India and will invest INR 55 million (USD 1.2 million) in microfinance initiatives. Barclays launched the Banking on Change initiative in 2008 in partnership with international development organizations CARE International and Plan International. The initiative is a three-year global investment program intended to expand access to banking services to 500,000 people in 11 countries in Asia, Africa and South America. Information regarding each organization’s specific role in the program is not available.

The Banking on Change Initiative partnership is intended to develop savings and loans groups managed by local communities themselves, enabling individuals to save regularly and access small loans from groups’ combined savings [1].

By Jennifer Shevock, Research Associate

About Barclays:
Barclays is a London-based international financial services provider that operates in more than 50 countries. Barclays offers wealth management, investment banking, personal banking and corporate banking services. As of fiscal year 2009, Barclays reported total assets of USD 2.1 trillion.

About CARE International:
CARE International (CARE) is a Switzerland-based, global non-governmental organization with poverty reduction programs aimed at developing women’s economic capabilities. Founded in 1945 and originally established as a means to send supplies to post-war Europe from America, it has evolved into a large-scale humanitarian organization. As of June 30, 2009, CARE supported approximately 800 projects in 72 countries to reach 59 million people and reported total assets of USD 952 million.

About Plan International:
Plan International is a UK-based children’s development organization founded in 1940. It works in 48 developing countries across Africa, Asia and the Americas with the goal of promoting child rights and lifting children out of poverty. From mid-year 2008 to mid-year 2009, Plan International’s expenditure on programs was USD 466 million.

Sources and Additional Resources:
[1] Banking on Change Program: http://group.barclays.com/Sustainability/Community-investment/Banking-on-Brighter-Futures/Banking-on-Change
“Barclays launches Microfinance Initiative in India” August 26, 2010. http://indiamicrofinance.com/barclays-care.html

MICROCAPITAL BRIEF: “Barclays Commits $50m to African Microfinance Groups Including Village Savings and Loans Associations” August 27, 2010. https://www.microcapital.org/microcapital-brief-barclays-commits-50m-to-african-microfinance-groups-including-village-savings-and-loans-associations/

MICROCAPITAL BRIEF: “Barclays Launches ‘Banking for Billions’ Report on Improving Access to Financial Services and Expanding Microfinance” June 22, 2010. https://www.microcapital.org/microcapital-brief-barclays-launches-banking-for-billions-report-on-improving-access-to-financial-services-and-expanding-microfinance/

MICROCAPITAL BRIEF: “Barclays Bank and Development Organizations CARE International and Plan International Launch Microfinance Project in Ghana as Part of Larger Multi-Country Initiative” June 3, 2010. https://www.microcapital.org/microcapital-brief-barclays-bank-and-development-organizations-care-international-and-plan-international-launch-microfinance-project-in-ghana-as-part-of-larger-multi-country-initiative/

MicroCapital Universe: Barclays: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Barclays

MicroCapital Universe: Care International: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CARE+International

MicroCapital Universe: Plan International: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Plan+International

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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