Dr Bhagwan Chowdhry, professor of finance and faculty director at UCLA Anderson School of Management [2], has begun a campaign to increase financial inclusion and relieve poverty through microsavings.
The campaign, entitled “Financial Access @ Birth”, encourages the world’s nations to contribute one-fiftieth of one percent of their gross domestic product (GDP), a measure of all goods and services produced within a nation per year, to a fund that would give every child in the world a savings account with USD 100 in it that will be opened when his or her birth is officially registered. No withdrawal of the initial USD 100 deposit will be allowed until the child reaches 16 years of age.
Dr Chowdhry is in the process of formalizing an organization to carry out the campaign with support from the Center for Financial Inclusion, a nonprofit based in Washington, DC, that was founded by ACCION International to advance commercial models of microfinance.
By Witt Gatchell, Research Associate
About the Center for Financial Inclusion (CFI):
The Center for Financial Inclusion (CFI) was started by ACCION International with the goal to connect the microfinance community with major drivers of the global economy. CFI works with microfinance experts, banks, investors, regulators, technology firms, universities and others to facilitate global financial inclusion.
Sources and Additional Resources:
[1] UCLA Today: “Bhagwan Chowdhry Proposes Financial Access at Birth” By Cynthia Lee
http://www.anderson.ucla.edu/x33421.xml
[2] UCLA Faculty Profiles: Bhagwan Chowdhry:
http://www.anderson.ucla.edu/x1931.xml
MicroCapital’s Microfinance Universe profile: Center for Financial Inclusion
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cen…
Browse the MicroCapital Universe and add your entry to the wiki at
https://www.microcapital.org/microfinanceuniverse/.
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