Growth of “New Poor Savers” continues in 2014

As reported in the GAFIS Project Report (page 36), as of Q4:2013, the five GAFIS banks had collectively cultivated 420,000 “new poor savers” during the GAFIS program.  A “new poor saver” satisfies three specific criteria: (i) the account demonstrates “savings” activity; (ii) the account holder is “poor”, as measured by national standards; and (iii) the savings activity is “new” to the bank, either a brand new customer or a pre-existing customer that was previously not saving in the bank.

Although the GAFIS program formally ended at the end of 2013, we are pleased to report that the GAFIS banks continued to grow their portfolio of new poor savers throughout 2014, purely as part of their respective ongoing core business activities, such that the count of new poor savers had grown more than 15% to more than 485,000 as of mid-2014, the latest measure.

This steady growth affirms what we believe is the most important legacy of GAFIS, namely, a deeper and stronger commitment by the GAFIS banks to make the delivery of financial services to the poor part of their core business, which sustains beyond a temporary program, because they see it as a viable commercial proposition over the long-term.

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