Deseret News National | Millions now have bank accounts thanks to the Internet, says World Bank

June 5, 2015

Our BETA Savings project was highlighted in this article:

“Equipped with access to formal savings and credit, women participate more in the economy,” said Sri Mulyani Indrawati, World Bank managing director and chief operating officer.

They can set aside funds for emergencies, for schooling or for starting a business. This is an important stepping stone out of poverty and towards more equality.

In Nigeria, 76 percent of women are unbanked. Women’s World Banking and Visa created a program there called “BETA friends” that helped women set up mobile savings accounts that required no minimum deposit, no monthly fees and awarded weekly cash prizes to promote the program and sent weekly text messages reminding clients to save on schedule. The majority of women saved some of their income — many up to 60 percent.

Read the full article here.