Transforming the globe with our social endeavors
Santander, a leading global bank, is making significant strides in financial inclusion across Latin America. Since 2019, the bank's initiatives have empowered a staggering 4 million people, with a goal to reach 10 million by 2025.
Two key components of Santander's strategy are Tuiio and Prospera, digital platforms designed to support micro-entrepreneurs and unbanked individuals. These platforms offer tailored financial products and services, overcoming traditional barriers like location and credit history. They utilize AI to evaluate risk and extend credit access responsibly.
Tuiio, operating in Mexico at 85 branches and serving 72,000 customers, provides financial education to underserved communities. Prospera, which has been operational in Argentina since 2015 and expanded to Uruguay in 2019, has granted microloans totaling nearly USD 2 billion to over 700,000 entrepreneurs, with 70% supporting women small business owners.
Santander's initiatives are not limited to Brazil. They have expanded to other Latin American countries, with Superdigital, a financial inclusion platform, expanding from Brazil to Argentina, Uruguay, Colombia, Peru, Chile, and Mexico. Superdigital offers basic financial services to individuals.
Santander's commitment to financial inclusion extends beyond digital services. The bank has created The Embrace Network, a program focused on diversity and inclusion. Additionally, they offer a scheme called 17th Euros from your salary, designed to promote diversity and inclusion within the organisation.
Santander Brasil has been recognised by Fortune Magazine as a company doing the most to change the world in 2018 and 2019. Prospera has been successful in Santander Brasil, contributing significantly to financial inclusion in the country.
Santander's approach combines the global scale and technological capabilities of the bank with localized efforts and collaborations with fintech partners to accelerate inclusion initiatives. This strategy aligns with Santander's broader corporate goals of sustainable growth and digital transformation to create value for both customers and shareholders while advancing social responsibility.
However, Santander's environmental policies have faced scrutiny regarding fossil fuel financing, which may indirectly affect its social impact credentials. Despite this, Santander's financial inclusion strategy in Latin America continues to make a positive social impact, contributing to poverty reduction and economic opportunity for previously excluded populations.
- Santander's financial education platform, Tuiio, offers personal-finance lessons to underserved communities in Mexico, empowering individuals with meaningful financial knowledge.
- Santander's digital platform, Prospera, has made significant investments in education-and-self-development by providing microloans to over 700,000 entrepreneurs, fostering business growth across Argentina and Uruguay.
- Extending beyond digital services, Santander's The Embrace Network focuses on diversity and inclusion, promoting a broadened lifestyle outlook within the organization.
- To encourage investing in sustainable growth, Santander Brasil offers a scheme called 17th Euros from your salary, echoing a commitment to ethical finance and responsible technology use within the financial sector.
