MetLife, Inc. (NYSE:MET) announced today that MetLife Foundation has
launched a new global campaign to bring financial inclusion to
low-income communities in Asia, Europe, Latin America, the Middle East
and the U.S. The Foundation has committed $200 million over the next
five years to support financial programs that will provide vital
knowledge, tools and services to underserved individuals, families,
businesses and communities.
Dennis White, CEO & president of MetLife Foundation (Photo: Business Wire)
“For 145 years, MetLife has made a positive difference in the
communities we serve by providing financial protection to individuals
and their families,” said Steven A. Kandarian, chairman, president and
CEO of MetLife, Inc. “With the new focus of our foundation, we are now
even more committed to extending financial protection to those who need
it most. Our goal is to ensure that low-income families and communities
have access to the tools and resources they need to put them on the path
to financial security.”
According to the World Bank, more than 2.5 billion people – nearly half
the world’s population – live on less than $2 a day, and most live
without access to basic financial services that can help build a better
future. Through its vision for financial inclusion, MetLife Foundation
will provide greater access to affordable financial services that enable
people to protect and improve their lives.
“While global poverty statistics can seem overwhelming, MetLife
Foundation sees an opportunity to bring greater security, greater
opportunity and greater self-reliance to those most in need,” said
Dennis White, CEO and president of MetLife Foundation. “People in
poverty manage what little they have with tremendous ingenuity and
resourcefulness. Many are low-wage workers, microentrepreneurs and
small-scale farmers, and we’re convinced that access to modern financial
know-how and a range of services that fit their needs can transform
their lives.”
To achieve its goal of bringing financial inclusion to low-income
communities around the world, MetLife Foundation has awarded its first
round of grants to, among others, ACCION International, Corporation for
Enterprise Development, The Consultative Group to Assist the Poor, Local
Initiatives Support Corporation, Pro Mujer and Women’s World Banking.
“Those of us who work toward financial inclusion for the world's poorest
households welcome the news that MetLife Foundation is committing $200
million over the next five years to supporting affordable, accessible
and well-designed financial services for the poor,” said Dr. Daryl
Collins, co-author of “Portfolios for the Poor” and director at Bankable
Frontier Associates. “MetLife has over a century’s worth of experience
in making households throughout the world more secure, and applying this
legacy of experience toward the world's most vulnerable communities
bodes well for the improved welfare of low-income households.”
To advance its new vision, MetLife Foundation will focus on providing
access to knowledge, access to services and access to insights. In
addition, the Foundation will collaborate with partners who are doing
innovative work in this field and learn from others worldwide who are
also working to bring financial inclusion to those who need it most.
Access to knowledge. The Foundation will make grants to partners
with the ability to reach large numbers of underserved households around
the world and work with them to develop financial strategies and
resources that will enable them to realize their financial goals.
Access to services. MetLife Foundation will also partner with
experts in financial inclusion to deliver services including savings,
microinsurance and credit to ensure that those in need are prepared,
incentivized and empowered to improve the lives of their families and
communities.
Access to insights. MetLife Foundation will gather knowledge from
its partners and the communities it serves and share insights with the
financial inclusion community to advance common goals.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s long
tradition of corporate contributions and community involvement. Today,
the Foundation is dedicated to advancing financial inclusion, committing
$200 million over the next five years to help build a secure future for
individuals and communities around the world. MetLife Foundation is
affiliated to MetLife, Inc. a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million customers.
Through its subsidiaries and affiliates, MetLife holds leading market
positions in the United States, Japan, Latin America, Asia, Europe and
the Middle East. To learn more about MetLife Foundation, visit www.metlife.org.
About MetLife
MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle
East. For more information, visit www.metlife.com.
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