Left to right: Chris De Noose, Managing Director, WSBI; Jin-Yong Cai, IFC; and WSBI President Heinrich Hassis. Sign on 24 September 2015 a memorandum of understanding to form WSBI-World Bank Group strategic partnership.
WSBI is a member of the Coalition of Partners that support the World Bank Group’s Universal Financial Access (UFA) 2020 Goal.
At its meeting in Washington, D.C., on 23 September 2015, the WSBI General Assembly announced a new UFA 2020 numerical commitment that aims to reach 1.7 billion clients and 400 million new transaction accounts by the end of 2020, based on the current membership. This pledge reinforces WSBI’s continued engagement with its ‘Account for Everyone’ goal launched by the trade body in 2012, which it re-endorsed in 2015 at the World Bank spring meetings. The UFA commitment also forms and integral part of the Washington Declaration issued the day after during the 2015 WSBI World Congress.
"WSBI recognises that achieving universal financial access by 2020 requires a collective effort. We are honoured to be part of the initial Coalition of Partners who have been invited to contribute to this global cause.
“WSBI will leverage its broad outreach in some 80 countries worldwide, harnessing opportunities offered by new technologies to deliver an accessible, affordable and quality product and service offer that meet the needs of underserved and unbanked while boosting financial access and usage.”
– WSBI President Heinrich Haasis
An international banking association, WSBI brings together savings and retail banks from around 80 countries representing the interests of approximatley 6,000 banks in all continents. As at year-end 2014, members served a baseline total of 1.3 billion customers, which includes providing accounts for the poor worldwide. It remains fully committed to the ‘Account for Everyone’ goal adopted by its members in May 2012 when reaffirming a deep commitment to financial inclusion set out in our Marrakech Declaration.
The World Savings and Retail Banking Institute (WSBI) and the World Bank have agreed to forge a deeper commitment to the World Bank Group’s strategic goal of Universal Financial Access (UFA) by 2020.
The two bodies signed a Memorandum of Understanding in Washington on 24 September 2015 to form a strategic partnership, the first ever between the two bodies. Together, they aim to identify and thereafter facilitate or implement joint actions involving WSBI member banks in support of the 2020 goal.
Actions taken jointly by the two parties will address issues at both global and country level, including needed legal or regulatory reforms, financial technology investments, stakeholder dialogues, advisory services, innovation support for incubator work, as well as field and market fit testing. Initital priority will go to WSBI members who represent 17 of the 25 countries the World Bank has identified as ‘focus countries’, containing 70 per cent world’s unbanked. WSBI members in other countries could be added by mutual agreement.
>> See the related press release