ESAF Bank's Dabba Savings Account Campaign Wins Global Recognition at Cannes Lions

ESAF Small Finance Bank's innovative Dabba Savings Account campaign has garnered global acclaim, winning bronze in the Sustainable Development Goals category at the prestigious Cannes Lions International Festival of Creativity. This initiative exemplifies the bank's commitment to promoting financial inclusion, a key objective of the United Nations Sustainable Development Goals and a priority for the Government of India.

Over the past six months, ESAF Small Finance Bank has been making significant strides in empowering marginalized women by integrating them into the banking system through the Micro Savings Account. This campaign targets women in economically backward areas who have traditionally avoided bank accounts due to the fear of complex banking procedures or inaccessibility.

Launched in October 2023 in co-created with MaCann Wold Group, the project involves redesigning the traditional rice dabba, a canister traditionally used by women to hide their loose cash by incorporating a hidden partition for secure money storage. ESAF Bank distributed these innovative dabbas for free at monthly community gatherings, facilitating the opening of savings accounts for women.The women were able to continue their saving habits safely, depositing their dabba savings with ESAF at subsequent meetings. To enhance accessibility, ESAF provided fingerprint-based account access, allowing women to withdraw money at rice shops equipped with micro-ATMs utilizing Aadhaar biometric technology.

"For several years, we've been striving to empower underprivileged women by transferring their micro savings from homes to the safety of the bank. Initially launched in South India, the project's positive impact has encouraged us to extend it nationwide," said K. Paul Thomas.

Sharing his experience, Sreekanth C. K., the Head of Marketing & PR at ESAF Small Finance Bank, said: "During one of my visits to the village, I witnessed the profound sense of security these women experienced, knowing their savings were safe in an account known solely to them. It brought me immense joy to see the transformative impact we've had on their lives."

Shares of ESAF Small Finance Bank Limited was last trading in BSE at Rs. 53.86 as compared to the previous close of Rs. 54.44. The total number of shares traded during the day was 31262 in over 398 trades.

The stock hit an intraday high of Rs. 54.72 and intraday low of 53.78. The net turnover during the day was Rs. 1687053.00.

Source : Equity Bulls

Keywords

ESAFSmallFinanceBank INE818W01011 ESAFSFB DabbaSavingsAccountCampaign