Westpac gets into match making
(15 March 2010 – Australia) Westpac Banking Corporation has announced its participation in supporting a new banking initiative, World Education Australia, where the bank has said it will match dollar-for-dollar microfinance loans its employees provide to disadvantaged individuals in the Asia Pacific region and Indigenous Australia.
World Education Australia is an independent not-for-profit agency specialising in microfinance, financial and functional literacy, and livelihood programs to improve the lives of the poor in a sustainable way.
The Westpac Group helped support the development of World Education Australia’s new microfinance online lending portal, Good Return, and will now extend its partnership to a formal matching loans program.
Peter Hanlon, group executive, people and transformation, Westpac Banking Group, said that the company is encouraged by the work being undertaken by World Education Australia and is delighted to be able to provide a formal matching loans program for the bank’s employees to support micro-entrepreneurs.
Under the initiative, staff at the bank will be able to provide loans from as little as A$25 via the Good Return website, the bank will then match annually the total amount lent by its employees.
Every borrower listed on the Good Return online loan portal is a genuine borrower who has traditionally been excluded from appropriate financial services.
Sustainable banking goes much further than just providing finance. By supporting this initiative, Westpac and its employees can help make a real difference in assisting individuals and communities out of poverty, Mr Hanlon highlighted.
The Westpac Group helped support the development of World Education Australia’s new microfinance online lending portal, Good Return, and will now extend its partnership to a formal matching loans program.
Peter Hanlon, group executive, people and transformation, Westpac Banking Group, said that the company is encouraged by the work being undertaken by World Education Australia and is delighted to be able to provide a formal matching loans program for the bank’s employees to support micro-entrepreneurs.
Under the initiative, staff at the bank will be able to provide loans from as little as A$25 via the Good Return website, the bank will then match annually the total amount lent by its employees.
Every borrower listed on the Good Return online loan portal is a genuine borrower who has traditionally been excluded from appropriate financial services.
Sustainable banking goes much further than just providing finance. By supporting this initiative, Westpac and its employees can help make a real difference in assisting individuals and communities out of poverty, Mr Hanlon highlighted.
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