Only 20 percent of the developing world keeps their money safe in banks or other financial institutions. Many store cash in their floorboards, under the mattress or in a container – where it is easy to be found and stolen. Without a safe way to store their savings, families face challenges in growing and using their funds.
FINCA is helping families in 11 countries to store their savings safely and plan for their future. With savings accounts, families can save money for their children’s education, pay for expensive healthcare, or secure funds for a small home. In 2016, our clients deposited over $262 million in savings through FINCA’s savings accounts.
Still, many communities around the world need to learn how maintaining a savings account can impact their lives. On World Savings Day (October 31), countries across FINCA’s network committed to educating communities on the importance of savings. Here are two ways FINCA celebrated World Savings Day.
FINCA branches across Kyrgyzstan had an Open Doors Day where over 1,300 people were able to participate in financial literacy trainings and sessions, specifically geared towards learning how to save. Many visitors opened savings accounts and began depositing their savings for the first time! Leading up to World Savings Day, over 50 financial literacy trainers visited community organizations and schools across the country, training over 780 people on financial literacy. All attendees were encouraged to visit a FINCA branch on Open Doors Day.
In Uganda, FINCA staff held “Saving Safely” exhibitions to teach the local communities about the importance of savings. Organized by the Central Bank of Uganda, the exhibitions were held in Kampala, the capital city, and in Gulu, in the northern part of the country. Attendees were taught tips on how to save and encouraged to open savings accounts at the events.