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MIF ProSavings Program will benefit 7,000 low-income individuals from rural areas in Belize

Jan 15, 2015

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group has recently approved has approved a US$ 375,00 technical cooperation grant for the project “Inclusive Savings with Shared Agents”, of the MIF’s ProSavings Program that will be implemented in in Belize by the Belize Credit Union League (BCUL). This is the ninth project to be approved under the ProSavings Program framework.  

This project aims to enhance access to financial services, particularly in rural areas, by developing appropriately designed savings products and incentives at participating credit unions. The main innovation of the project is that it will offer new, adapted savings products via bank agents located in small stores that will provide their services as agents not to a particular credit union but to the network of participating credit unions that are part of the BCUL. The project will also enable the BCUL and its participating cooperatives to adapt their technologies to improve their distribution channels through a national sistem of bank branches and shared agents. Through this investment, members will experience lower transaction costs (in terms of time and money), which will contribute to improving the quality and reach of their services. 

This project will benefit 7,000 people (70% women), 1,500 of which receive international remittances and 2,000 receive conditional cash transfers. The beneficiaries include poor and low-income men and women from both rural and urban areas in Belize that hold part-time, seasonal or entry-level jobs, living under vulnerable conditions or are self-employed in micro, small or medium-sized enterprises. 

About ProSavings Program

The purpose of the MIF’s ProSavings program is to expand the availability of financial products and services targeted to low-income populations in Latin America and the Caribbean, through the development of between 10 and 12 projects in which financial intermediaries will implement business models for developing liquid and planned savings products that respond to the needs and characteristics of this target segment, accompanied by financial education and alternative distribution channels.

About the MIF

The Multilateral Investment Fund, member of the IDB Group, supports private sector-led development benefitting the poor - their businesses, their farms, and their households. It strives to provide low-income populations with tools to boost their incomes; which includes enabling their access to finance, to basic services, to markets, and to the capabilities needed to compete in those markets.

About the BCUL

The Belize Credit Union League Limited (BCUL) was established in 1956 under section 80 of the Laws of Belize. BCUL is a member of the World Council on Credit Unions and represents affiliated Credit Unions regionally to the Caribbean Confederation of Credit Unions (CCCU). The main objective of the BCUL is to promote the development of credit unions in Belize and make credit union service available to as broad a cross section of the population as possible. 

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