The World Bank Spring Meeting 2015 hosted forums on the new World Bank Financial Inclusion Index by Gallup World Poll funded by Bill & Melinda Gates Foundation, including HOPE’s panel on New Models of Success in Promoting Financial Inclusion For The Poor, Especially Women during The World Bank Civil Society Spring Meeting on Friday, April 17th.
Engaging in a panel active on the financial inclusion campaign to reduce poverty worldwide, Jena Roscoe, First Senior Vice President and Chief of Government Affairs and Public Policy for Operation HOPE, discussed the updated Global Findex 2014. The Financial Inclusion Index Database is the world’s most comprehensive set of data on how people save, borrow, make payments, and manage risk.
Roscoe highlighted HOPE Partners like MasterCard “Your Money Smarter Financial Future Text Campaign,” which serves as a unique opportunity to provide mobile text financial literacy to global citizens. HOPE partner’s Citigroup, and Sun Trust, host remittance products that offer savings account opportunities for newly banked citizens who participate in remittance services. Our federal government outreach alliance partner, U.S. CFPB Remittance Consumer Financial Protection Information was also highlighted. The CFPB is focused on providing new protections for sending money abroad. Although there was a 20% drop in global citizens having access to financial capital — 700 Million Citizens from 2011 – 2014 gained access to finance via mobile banking, banks, credit unions, and/or a financial services institutions. Women having access to financial capital remain critical in reducing poverty. Globally, the gender gap remains unchanged in developing countries – a 9% gap with the largest gender gap in South Asia – a 18% gap. And in the poorest 40% of households in developing countries, only 46% of adults have a financial account.
Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions: The International Bank for Reconstruction and Development; The International Development Association; The International Finance Corporation; The Multilateral Investment Guarantee Agency; and The International Centre for Settlement of Investment Disputes.
Operation HOPE’s Global Initiatives host financial inclusion programs with HOPE Partners that focus on financial literacy through our Global [Financial] Dignity campaign, Banking on Our Future and HOPE Business In A Box Programs, and annual HOPE Global Forums. Rated a 4-star charity by Charity Navigator, HOPE continues efforts with The World Bank, The United Nations, OECD, and other global institutions to reduce poverty and assist citizens to participate in the financial system to start and expand businesses, invest in children’s education, and save.