Everyone should have access to basic financial services by 2020. This goal, set by the World Bank, aims to combat the financial exclusion that impacts two billion people. Several organizations from the public and private sector, including BBVA Microfinance Foundation, have signed the Universal Financial Access 2020 (UFA), committing to meet this deadline.
Having a bank account is the first step to access basic financial services, such as loans or insurance, which help underprivileged families to receive essential services like water, electricity, housing, education or healthcare. It also allows small and medium sized businesses to grow, expand operations and improve risk management.