Given the encouraging response especially from women, Esaf Small Finance Bank is planning to expand its newly introduced Dabba Savings Accounts campaign across the country.
“With the initial campaign starting in South Tamil Nadu, we have opened more than a lakh micro savings accounts, which offer interest as per the savings accounts,” said K Paul Thomas, Managing Director and CEO.
The campaign aims to promote financial inclusion as part of the UN Sustainable Development Goals and the government’s push to bring the unbanked into the formal banking fold, he said.
The Dabba Savings Account Campaign won bronze in the Sustainable Development Goals category at the Cannes Lions International Festival of Creativity recently, and it garnered multiple accolades at the MAD Stars awards in Busan, South Korea, he added.
The campaign caters to women in economically backward areas who do not have bank accounts due to fear of banking procedures or lack of accessibility. It is designed to address the financial needs of micro banking customers to promote micro savings accounts, which play a crucial role in fostering a culture of savings among the micro banking community, he said.
This scheme is a powerful tool to bring women from economically weaker sections and backward areas into the formal banking system. In many cases, he said, the lack of nearby banking facilities and the fear of complex banking procedures have kept these women away from traditional banking. The new scheme addresses these challenges by offering a solution that fits seamlessly into their daily lives.
Besides promoting a regular saving habit, the scheme, he said, is a step towards financial independence and inclusion for women who have long been excluded from the mainstream banking sector.