Savings Mobilisation Resolution

Publication Date: 18 Apr 2005
Published by: World Savings Banks Institute (WSBI)
Document Type: Other (PDF)

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Latin America and Caribbean countries adopt resolution to mobilize savings

This document presents the resolution adopted by World Savings Banks Institute (WSBI) Regional Group for Latin America and the Caribbean on the mobilization of savings (GRULAC).

The salient features of the resolution are that GRULAC:

• Acknowledges the importance of domestic savings in reducing dependence of communities on external savings and also in increasing the overall financial savings of the household;
• Believes that savings can facilitate subsequent access to essential services such as credit, insurance, payments and other services as well;
• Recognizes the important role it has to play as a financial educator to those societies/ individuals in danger of becoming heavily indebted and in promoting the awareness of the importance of savings as against immediate consumption.

More specifically, the resolution draws attention to maintain and reinforce the following areas:

• Exhaustive analysis of the real needs of customers and effective segmentation of customers on the basis of their particular situations;
• Extension and diversification of the range of products and services offered, with a view to effectively meeting the needs of the population.

Finally, the resolution advocates a pluralist formal financial system within which a variety of institutions can coexist, thus making it possible to serve as much of the population as possible. It urges the removal of certain legal barriers that hamper their operations, as well as prevent them from responding effectively to the challenges of globalization.