WWB announced today a landmark $8.5 million grant from the Bill & Melinda Gates Foundation that will enable it to create over the next ten years innovative savings products and services for nearly seven million low-income people in Latin America, Africa and Asia. WWB will use the foundation grant to support investments at four of its flagship network members in elements that are vital to effective savings mobilization. As the microfinance sector matures, there is growing recognition of the importance of providing safe, secure places for the poor to save their money, and begin asset accumulation. The grant will also allow WWB to explore technological solutions to delivery of services, as well as experiment with a social media project to encourage behavioral and attitudinal change about savings.

Press Coverage

ABC News: Gates Foundation Allocates $38M in Banking Grants

News on Women: Women's World Banking Receives Grant from Gates Foundation

IT Online: Gates Foundation supports microfinance

Mobile Money: Gates Foundation makes $38 million in grants to spur savings

Philanthropy Journal: Women's World Banking gets $8.5M

Business Daily: Microfinanciers plan formal saving system for the poor

Funds for NGOs: Grants, Resources and Sustainability for International Development

Micro Capital: Bill & Melinda Gates Foundation Awards $38m in Grants to Help Microfinance Institutions Expand Savings Initiatives for Poor

Microfinance Focus: Bill & Melinda Gates foundation grants $38M to top microfinance organizations

Next Billion: Gates Foundation Supports Savings Accounts for the Poor

Seattle Times: Gates Foundation makes $38 million in grants to spur savings

Reuters: Gates Foundation grant seeks savings for poor

PR Newswire: Gates Foundation Grants Signal New Movement Toward Savings Accounts for the Poor

Taragana.com: Motorbike banking, soap opera savings lessons: Gates Foundation grant winners get creative