World’s Best Bank for Financial Inclusion 2020: BNP Paribas
With its unique model of direct lending to microfinance institutions and bringing large investors to the table, BNP Paribas has put financial inclusion at the heart of its agenda.
The value of financial inclusion and financial education has become more evident during the Covid-19 crisis. One bank stands out for its investments in financial inclusion around the world and its work bringing a broader investor community to microfinance. That bank is BNP Paribas, which wins the award for the world’s best bank for financial inclusion this year.
BNPP launched its first microfinance partnership with Crédit Rural de Guinée 30 years ago in 1989 – a partnership that continues to this day. Since then, the bank has offered financial support to 84 microfinance institutions (MFIs) in 33 countries, with a total of €900 million in accumulated loans.
In 2019 alone, the group’s overall support of microfinance exceeded €357 million, enabling the direct financing of 28 MFIs in 15 countries, plus more than 100 indirectly in most countries around the world via 11 dedicated funds in which different entities of the group invest.
During Covid-19, that support has increased: the bank has deployed specific support to microfinance in 10 countries and has provided subsidies to tackle the urgent difficulties that many clients have faced.