The Facility will increase access to and use of savings among LAC international remittances clients by developing financial products and services tailored to this population. The Facility will seek to achieve the following results: (i) at least 10 new savings products tailored to remittance clients will be developed; (ii) 250,000 remittance clients will open savings accounts; (iii) 100,000 remittance clients will use savings products, (iv) of the 250,000 remittance clients listed in point ii, an estimated 50,000 will open a formal savings account for the first time (i.e. previously unbanked); and (iv) at least 3 alternative distribution channels will be in place to facilitate remittance payments and the use of savings accounts. Each individual project may track additional results level indicators.
Project Detail
Country
Regional
Project Number
RG-O1651
Approval Date
October 24, 2012
Project Status
Implementation
Project Type
Container
Sector
FINANCIAL MARKETS
Subsector
FINANCIAL MARKETS
Lending Instrument
-
Lending Instrument Code
-
Modality
Facility
Facility Type
FFG (Facility Financing for Grants)
Environmental Classification
-
Total Cost
USD 4,822,110.00
Country Counterpart Financing
USD 0.00
Original Amount Approved
USD 4,822,110.00