2 Solidarity banking offer The deployment of a responsible solidarity banking offer The bank would like to roll out a wider range of solidarity products and services for its customers and in connection with its stakeholders, support people in situations of financial vulnerability, facilitate accessibility to banking services, and bolster its commitments to microfinance. 2.1 Microfinance Invented in its current form by Grameen Bank in Bangladesh in the 1970s, microfinance meets the needs of those excluded from the banking system, both in developing countries and in mature economies. Microfinance brings together financial services intended for poor populations whose financing needs cannot be satisfied by traditional banks in terms of repayment ability and processing costs. Initially focused on microloans, microfinance has expanded to include a greater range of services (savings, insurance, money transfers). Today, nearly 3 billion people live on less than USD 2 per day. Eighty per cent of the world’s population is excluded from the financial system. Societe Generale’s objectives are to: ■■become a benchmark partner for local microfinance structures in each of the countries in which the Group is present by having a universal banking model; ■■contribute to social cohesion and development of territories by providing access to banking products and services to populations who lack it; ■■be a source of effective and lasting support for the microfinance sector by providing the vital financing solutions needed to underpin its development. Local subsidiaries provide financing solutions to microfinance institutions (MFI) in their country. 24 EUR 82 M in authorisations. Societe Generale is one of France’s most involved groups in microfinance abroad. 10 years of support by Societe Generale of the microfinance market. 30 MFIs Societe Generale is a partner with around 30 microfinance institutions.
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