Thanks to the success of microcredit, people who need money now have access to more loans than ever before. But even so, there are many still stashing all their savings in a lock box, and storing it with a "money guard" or collecting it all in an informal savings club as they have no other options.

Various banks and other financial institutions do not make savings accounts available to the poorest borrowers.

To help the cause, however, today, the Bill & Melinda Gates Foundation contributed $38 Million in grants, with the aim to help lending microfinance institutions, or MFIs, offer clients with safe and affordable places to store their savings and funds.

"We see it as a major step to drive change and help broaden the microfinance business model to include savings", said Bob Christen, the foundation's director of Financial Services for the Poor.

Six grants have been awarded in all, which would help as many as 18 financial institutions expand their portfolios, all the while making savings accounts available to about 11 million poor people across Africa, Asia, and Latin America over the next five years.