Gates Foundation Pledges $35 Million for Banking Innovation

The Bill & Melinda Gates Foundation is best known for its work combating malaria, AIDS and other diseases.

But the world’s richest charitable foundation has been quietly expanding into other problems of the developing world and this week announced an effort to bring banking, including savings accounts, to the poor, The Associated Press said.

It may be hard to understand how savings is even an issue for the people who live on less than $2 a day, said Bob Christen, who directs the Gates Foundation’s financial services initiative. However, access to a safe place to store money is a top priority of poor people around the world, he said.

This week, the foundation announced a $35 million grant to help facilitate agent banking services already being developed in Africa, Asia and South and Central America.

Mr. Christen told The Associated Press that the Gates grant will provide assistance to numerous organizations through the Alliance for Financial Inclusion, whose efforts are historic in the world of banking, and will help people climb out of poverty, save for their children’s education, build their businesses and plan for the future.

The ideas for bringing savings accounts, insurance and other financial services to the poor include transferring money by way of mobile phones and setting up banking kiosks in markets and post offices.

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Tags: banking services, charitable foundation, combating malaria, developing world, Innovation, melinda gates foundation, pledges, safe place, savings accounts, store money, transferring money

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