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 and financial health is an important part of  Santander’s responsible banking objetives. Our activities focus on three lines of action: access to basic financial services, financing opportunities for entrepreneurs to create and grow their businesses, and financial education to boost their financial health and improve their decision-making.

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 2023, we disbursed 1.172 million euros in credit to support 1.2 million micro-entrepreneurs. 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 11.5 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.