Ecobank, a Togo-based provider of banking services in 36 countries, is rolling out a pilot program with Switzerland-based NGO Terre des Hommes to deliver mobile savings services to children who work in the streets of the Togolese capital of Lome. To save money, the target youth sometimes bury it or ask trusted adults to hold it for them.
The one-year program, known alternatively as the Safe Savings or SaVa Project, targets 150 children under the age of 18. Terre des Hommes will act as custodian for the children due to age restrictions on savings in the country. The NGO will also provide training and access to mobile phones for the children to use to open Ecobank accounts. Once they open an account, the youth will be able to cash in and out via Terre des Hommes.
The first phase of the project will involve 30 users, who will be asked for “feedback on how the app can be further adapted to their needs.” Pierre Philippe, the Director of Programmes and Technical Resources for Terre des Hommes, said, “As [youth are] their own agents of change, we identified potential solutions together. We expect the SaVa Project will evolve over the next months to ensure we can genuinely improve the lives of children in the streets of Lomé.”
Terre des Hommes provides direct services and advocacy to support the “rights and equitable development” of children in 67 countries. During 2017, it took in revenue of EUR 183 million (USD 207 million).
Launched in 1988, Ecobank reports deposits of USD 15.5 billion, net loans to customers of USD 8.6 billion and pre-tax profit of USD 314 million for the first nine months of 2018.
Sources and Additional Resources
APO Group news release
https://ecobank.africa-newsroom.com/press/ecobank-and-terre-des-hommes-launch-safe-savings-project-to-empower-children-in-the-street-to-escape-poverty?lang=en
Ecobank homepage
https://ecobank.com
Terre des Hommes homepage
http://terredeshommes.org
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