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Association Of Rural Banks To Observe World Savings Day

The Association of Rural Banks (ARB) and the ARB Apex Bank Limited-Ghana will on Thursday, 31st October 2019 join others in the continent to observe World Savings Day.

The Association is expected to use about 20 radio stations for public education on savings and other officials will also move to public places for education as well.

World Savings Day is observed in many countries around the world on October 31.

This observance was introduced in 1924 to promote the importance of bank savings and restore people's confidence in banks.

World Savings Day was established during the 1st International Savings Bank Congress held in Milan, Italy.

The last day of the congress was declared as World Thrift Day, which later was renamed, as the holiday gained enormous popularity.

The idea of World Savings Day was born by the banks of Spain and the United States, which wanted to promote the higher living standards for the nation. They introduced the first celebration of alike holiday in 1921.

The idea was supported by the banks in other countries, but it wasn't easy to implement everywhere, for instance in Germany, where people didn't trust banks since many had lost their savings in the monetary reform in 1923.

Modern World Savings Day mostly focuses on banks in developing countries, where many people are unbanked.

Source: Kofi Atakora/ 

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