MICROCAPITAL BRIEF: Barclays Joins ‘Business Call to Action’ Initiative, Commits to Linking 60,000 Members of African ‘Banking on Change’ Village Savings and Loan Associations to Traditional Bank Accounts

Barclays, a London-based international financial services provider, recently announced its commitment to the ‘Business Call to Action” (BCtA) initiative, a global initiative that aims to support the private sector in meeting the UN’s Millennium Development Goals (MDGs). Through its commitment to the BCtA Initiative, Barclays has agreed to further support approximately 60,000 current members of “village savings and loan associations” currently operating in Kenya, Ghana, Tanzania and Uganda by providing them bank accounts. Barclays’ pledge complements the bank’s three-year, GBP 10 million (USD 16.1 million) Banking on Change initiative that, in partnership with international development organizations CARE International and Plan International, is intended to develop and extend access to basic financial services in 11 countries in Africa, Asia and Latin America by establishing and supporting village savings and loan associations. As of March 2011, 27 companies have endorsed BCtA.

By Jacqueline Foelster, Research Associate

About Barclays: Barclays is a London-based financial services provider. Barclays offers wealth management, investment banking, personal banking, and corporate banking services. As of year-end 2009, Barclays reported total assets of GBP 1.38 trillion (USD 2.1 trillion).

About CARE International: CARE International (CARE) is a Switzerland-based non-governmental organization with global poverty reduction programs aimed at developing women’s economic capabilities. Founded in 1945 with the aim of sending supplies to post-war Europe from America, it has evolved into a multipurpose humanitarian organization. As of June 30, 2009, CARE reportedly supported 800 poverty-fighting projects in 72 countries that reached 59 million people. That year it reported total assets of USD 952 million.

About Millennium Development Goals (MDG): The Millennium Development Goals are eight goals set by the United Nations to address the needs of developing countries. Established at the Millennium Summit in 2000, the deadline for completion of these goals is 2015. They are as follows: (1) end poverty and hunger, (2) achieve universal primary education, (3) promote gender equality and empower women, (4) reduce child mortality rate, (5) improve maternal health, (6) combat HIV/AIDs, malaria and other diseases, (7) ensure environmental sustainability and (8) encourage global partnership.

About Plan International: Plan International (Plan) is a UK-based children’s development organization founded in 1937. As of 2010 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. Plan has no religious, political or governmental affiliations. As of June 30, 2009, Plan had total assets of EUR 217 million (USD 290 million). Plan’s expenditure on programs was EUR 348 million (USD 466 million) for fiscal year 2009.

Sources and Additional Sources:

[1] Business Call to Action Press Release, “Barclays to Provide Financial Services to Poor Communities”, http://www.businesscalltoaction.org/press-release/2011/03/barclays-to-provide-finance-services-to-poor-communities/

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

MicroCapital Brief, April 13, 2010, “Barclays Bank and International Development Organizations CARE International and Plan International Launch Joint Microfinance Initiative in Kenya”, https://www.microcapital.org/microcapital-brief-barclays-bank-and-international-development-organizations-care-international-and-plan-international-launch-joint-microfinance-initiative-in-kenya/

MicroCapital News Wire, October 1, 2008, “Barclays to Invest £10m in Community Finance Schemes”, https://www.microcapital.org/news-wire-uk-barclays-to-invest-10m-in-community-finance-schemes/

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

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

MicroCapital Universe Profile: Millennium Development Goals (MGD), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Millennium+Development+Goals+%28MDGs%29

MicroCapital Universe Profile: 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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