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MIF and Vision Banco work together to turn remittances into savings in Paraguay

Jun 9, 2014

The Remittances and Savings Program of the Multilateral Investment Fund (MIF), member of the Inter-American Development Bank, and Visión Banco recently signed a project agreement to reduce the vulnerability of remittance clients in Paraguay and improve their livehoods by promoting savings at a formal financial institution. This project is also financed by Australian Aid, which supports projects within the MIF's Remittances and Savings Program and ProSavings Program, among others. 

This initiative will directly benefit 27,750 Paraguayan remittance recipients residing in Paraguay and remittance senders in two migrant communities in Spain. It is estimated that this figure will increase substantially towards the end of the project, when Visión Banco carries out its product expansion. 

The agreement was signed during a ceremony held at the IDB in Asuncion by the IDB Representative in Paraguay, Eduardo Almeida; General Manager of Visión Banco, Carlos Avalos; and Business and Marketing Manager of Vision Banco, Ruben Mendoza. 

This project aims to increase access to and use of formal savings by Paraguayan remittance senders and recipients. This will be accomplished by developing products and services tailored to this population that will be offered by Vision Banco locally in Paraguay and even in Spain, where a significant number of Paraguayan migrants reside. These products are designed to encourage the use of remittances to increase savings and investment for the benefit of migrants and their families.

This project will also create an online platform for communication and financial education that will be implemented through a web portal and SMS messages; the latter will deliver information and reminders on savings products to customers in Paraguay as well as in Spain.

About the MIF

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, is funded by 39 donors and supports private sector-led development benefitting low-income populations and the poor - their businesses, their farms, and their households. The aim is to give them the tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory - experimenting, pioneering, and taking risks in order to build and support successful micro and SME business models. More information at www.fomin.org.

About the Remittances and Savings Program

The program builds partnerships with remittance players in the region to improve access to and use of formal savings products. It will contribute to the reduction of household vulnerability among remittance clients in through the design and distribution of financial products and services adapted to the needs and preferences of remittance clients.

About the Australian Government's Aid Program - Australian Aid

The Australian Government’s aid program, as part of the Department of Foreign Affairs and Trade, seeks to promote Australia’s national interests through contributing to economic growth and poverty reduction. Australia's aid program focuses mainly on the Indo-Pacific region, but also extends aid to Africa, the Middle East, Latin America and the Caribbean.
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