660,000 Entry Points and Counting

September 17, 2010

There are now more than 660,000 retail locations, worldwide, where consumers can access basic financial services. And a significant share of these are at postal offices. This according to the World Savings Bank Institute, in Brussels.

WSBI represents the interests of savings and other retail banking associations in more than 90 countries. Combined, its members run about 163,000 brick and mortar outlets and over 133,000 ATMs.

"Postal networks all around the world have the largest retail distribution networks, which extend to the most remote rural areas and to peri-urban localities," explains Chris De Noose, Managing Director at WSBI.

Post-office-based financial services have been available for generations, and include giro payment systems widely used in Europe. WSBI estimates that about one-third of its members are postal financial institutions.

In a paper published this summer - Roadmap for Postal Financial Services Reform and Development - WSBI offers recommendations it says will help "unleash" the power of postal offices to foster financial inclusion worldwide. And it argues for strong leadership and oversight to assure postal service networks can deliver relevant financial services to "all categories of people."

Copies of the report are available for download at the WSBI Web site.

P2P payments in the U.S. total about $2.9 trillion annually; almost all involve cash and checks

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