Gates Foundation Commits $350-Million to Banking for Poor
August 11, 2009
The Bill & Melinda Gates Foundation, in Seattle, has pledged $350-million to projects to provide banking services to the world’s poor, Bloomberg reports.
The grant money will help people who have no access to traditional banking services keep cash deposits at local post offices, lottery outlets, and cellphone accounts.
“We looked around at what were the financial needs or requirements of poor families. There’s a tremendous demand for deposit services, for a safe place to keep your money,” said Bob Christen, head of the foundation’s financial-services division.
