Barclays products and services
To ensure customers are supported through their journey to financial inclusion, we have been working to develop products and services to meet their needs at every stage.
Microfinance – the provision of financial services to people in poverty or on very low incomes – is not simply about providing affordable credit. In fact the greatest demand from this demographic is for the ability to make payments and to have secure savings accounts. Access to affordable credit, money transfer services and insurance are also important.
Much of our work on financial inclusion has to date focused on enabling people to access the services they need most, through basic bank accounts and easy-access, low-level savings accounts.
In some markets we are also developing our support for income-generating activities, offering services including access to appropriate credit for microenterprises and small businesses.
Basic bank accounts
We have downscaled some of our banking products to enable previously excluded people to open basic accounts. Around the world, customers are benefiting from services open to account-holders with minimal income. Examples include the Cash Card Account in the UK, the No Frills Account in India and a range of services from Absa, majority owned by Barclays.
Savings accounts
We offer a range of fee-free savings accounts developed for people on low incomes across many of the markets in which we operate. We are also looking to develop products that meet the diverse needs of our customer base and fit with existing cultural and social traditions. Options include accounts in South Africa which offer people the opportunity to save as part of a group, and an account in India which allows families to pool their savings.
Microenterprises and small businesses
Barclays is also developing products to help small businesses in the developing world benefit from banking. Absa’s Microenterprise Finance Unit provides business loans and advice to more than 7,000 clients across South Africa. In the UK, we run free business seminars for local entrepreneurs and recently made our CreditFocus service available free to business owners regardless of whether they are Barclays customers. This innovative product allows businesses to check the credit rating of suppliers and customers.
New channels
We’re extending the number of people we reach by launching innovative products and technology. Examples include Absa’s CashSend service, which allows customers to transfer money using ATMs, and the Hello Money service in India, through which customers can access their accounts through via mobile phone.
A link to related case studies is available on the right-hand menu of this page.
