Santander has been recognised as the best bank in the world for financial inclusion for the third year in a row by Euromoney. Here is how we empower customers and support financial inclusion across our markets through access, finance and financial education.

For the 1.4 billion people around the world that are unbanked financial inclusion is a key enabler to reducing poverty and boosting prosperity, according to the World Bank. In fact, financial inclusion has been identified as an enabler for 7 of the 17 UN Sustainable Development Goals.

Supporting financial inclusion is an important part Santander’s responsible banking goals. And our activities are focused in of three areas: access to basic financial services, finance opportunities for entrepreneurs to set up and grow micro-businesses, and financial education to foster resilience and growth. 

Access

We help people access financial services by promoting digital inclusion, providing simple payment platforms, and cash-in/cash-out services in remote locations and small communities. For example, in rural Spain we provide access to financial services in underserved communities in collaboration with Correos Cash. Similar initiatives are also carried out in Argentina and Portugal.

Finance

Santander provides tailored financing for SMEs and entrepreneurs who are unable to access mainstream financial services through microfinance programmes for unbanked or underserved populations.

In Latin America, where 41.67% of adults still lack access to mainstream bank accounts according to Global Findex 2021, our microfinance programmes such as Tuiio and Prospera give customers access to capital to help them start or grow businesses. In 2022, we disbursed 950 million euros to support 1.6 million micro-entrepreneurs (71% were women).  As well as loans, we also offer cards, current accounts, savings and insurance through our programmes.

Financial Education

Financial education is fundamental to promoting financial inclusion. Through the financial education programmes which we run in all our markets, we aim to help people better understand finance, banking products and risks and make the right decisions for their financial health. In the past year alone helping improve the financial literacy of 1.3 million people with many of our programmes run by Santander employees who volunteer to help. Santander’s global financial education site highlights our learning initiatives from across the world under a common narrative and approach. 

Through these initiatives Santander has financially empowered 11.8 million people in four years and we aim to empower an additional five million people by 2025 through access and finance solutions. There is still a long way to go before all individuals can access useful and affordable financial products and services, but we remain committed to playing our part.