MICROCAPITAL BRIEF: Barclays Launches “Banking for Billions” Report on Improving Access to Financial Services and Expanding Microfinance

Barclays, a UK-based international investment bank, has released the second edition in the “Barclays Social Intelligence Series,” which tackles global social and environmental issues and the role of the financial services sector in delivering solutions. “Banking for Billions” examines the current global landscape of financial inclusion, studies recent trends, the impact of the economic downturn and the potential role of new technology delivery models.

The report found that despite considerable progress, a large part of the global population still lacks access to finance services. 2.5 billion of the world’s adults remain un-banked and do not use formal or semi-formal financial services. Outdated institutional frameworks, tightened credit conditions for microfinance investors and the global economic downturn have impaired the expansion of financial services.

Deanna Oppenheimer, chief executive of Barclays UK retail bank and member of the UK Financial Inclusion Taskforces, states “the report also shows there is a growing consensus among experts that the most critical issue now is how to extend financial inclusion to more of the world’s population and that the only way of ensuring progress is for financial institutions to work with NGOs and policymakers to create innovative solutions and a sustainable policy platform.”

By Matthew Fox, Research Assistant

About Barclays:

Barclays Plc is a British bank, which dates back to 1690. It reported total assets of over GBP 1.4 trillion (USD 2.1 trillion) in 2009. The bank entered the microfinance sector in 2005 via a pilot program in Ghana. Barclays is developing a microfinance policy for the expansion of the bank’s microfinance activities in order to reach a greater portion of the population. Its goal is to create more financial inclusiveness through an adaptation of its own services to fit the specific areas where it operates.

Sources:

[1] Barclays: Banking for Billions:http://group.barclays.com/Sustainability/Reports-and-Publications/Publications

[2] Barclays: Barclays Launches Report on Improving Global Access to Financial Services:http://www.newsroom.barclays.com/Press-releases/Barclays-launches-report-on-improving-global-access-to-financial-services-6dc.aspx

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

[4] MICROCAPITAL BRIEF: Barclays Bank and Development Organizations CARE International and Plan International Launch Microfinance Project in Ghana as Part of Larger Multi-Country Initiative: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/

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

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