Every day in the Philippines, select clients of CARD Bank receive a visit from their savings officers who collect as little as half a dollar from each and deposit it in their clients’ bank accounts. The micro-savings initiative, which CARD runs in partnership with the Grameen Foundation, helps people develop financial discipline. Mariner Apdo, a fishmonger, told Grameen, “If I have money at my house, it’s easy to spend it. Yet, if it’s in my savings account, I’m able to save it.” People like Mariner live in Lebanon. An estimated 63 percent of Lebanese adults do not have a bank account, according to the World Bank, and this in itself makes it a challenge for them to save. And insurance experts say there is a vast lack of awareness on ways in which the poor can access insurance for financial protection against disasters and disability. Related articles: Microfinance rising in
