Banco Santander has managed to financially empower 11.8 million individuals and SMEs since 2019 -5.5 million of them only in 2022- through its financial inclusion initiatives and measures as part of its Responsible Banking strategy; measures directly aligned with the commitment acquired by the entity to contribute to the Sustainable Development Goals set by the United Nations.
In this sense, Santander set the goal of financially empowering 10 million people by 2025 in 2019 and its forecasts and evolution have been exceeded by 18%, three years in advance, thanks to its policies and initiatives access, financing and financial educationin the different countries in which it operates.
In this way, the entity has updated its commitment and has announced its new goal of financially empowering 15 million people by 2025.
According to the experts, both digitization and financial education are at the center of strategies to promote financial inclusion, which contributes directly to seven of the 17 United Nations SDGs by 2030. This is also stated by the Global Alliance for the G20 Financial Inclusion (GPFI), which recently launched the G20 Yogyakarta Financial Inclusion Framework, with a focus on digital financial inclusion, to harness digitalization with the aim of increasing productivity, sustainable and inclusive economy of women, youth and SMEs.
More than 1,100,000 women micro-entrepreneurs supported
In Latin America, Santander’s main objective is to guarantee people access to the financial system. In mature markets, it is sought that no one is forced to abandon it.
access measures: with them it is intended to guarantee that disadvantaged communities can obtain cash anywhere, through remote branches and agreements with public and private entities that expand Santander’s footprint; help people to digitally access the financial system so that they can carry out basic operations; offer financial solutions for vulnerable groups such as senior clients, so they know how to use the basic products they can access.
financing measures: Banco Santander develops microfinance programs to promote social mobility by helping low-income entrepreneurs with little access to banking to create and grow their businesses.
In 2022 alone, Santander supported 1.6 million micro-entrepreneurs, of which more than 70% were women; The bank also has debt relief programs that include payment deferrals and credit line extensions for clients with financial difficulties and offers products and services that allow low-income households to access housing and meet other basic financial needs .
Financial education initiatives: Banco Santander has been promoting various financial education programs for more than a decade in all the countries in which it operates, the objective of which is to improve the knowledge of financial concepts on the part of the most vulnerable groups and to help them with this training to make informed decisions in your everyday life. Activities that are carried out both in person and online and that focus on the topics most in demand by users: responsible consumption, digital banking, cybersecurity and fraud prevention, knowledge of basic banking products and services, sustainable finance or financial management. personal.
In 2022 alone, Santander facilitated the empowerment of one million people through access initiatives (+14% last year); more than 1,800,000 people (+39%) through tailor-made financing for individuals and SMEs with difficulties obtaining credit or in a vulnerable financial situation and helped 2,700,000 to improve their financial knowledge (+52%).
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