The fintech sector has launched a foundation aimed at helping to tackle financial exclusion in the UK.
The community interest company The Inclusion Foundation provides three core services:
- SignpostNowTM: a comparison website for underserved customers to compare financial products that suit their individual needs
- The Inclusion SignpostTM: an accreditation recognising financial services products that serve the needs of previously underserved segments
- An education and learning programme for payment account providers and the government: The Inclusion Academy
The Foundation’s research shows that 1.23m of the UK’s most vulnerable do not have access to a bank account and find it very challenging to pay and get paid. The problem is being further exacerbated by the social isolation measures put in place to curb the spread of Covid-19.
It wants to join the dots between the fintech industry and the mainstream financial services sector, government bodies and charities to bring awareness of the accredited solutions available and enable more people into the banking system and out of the poverty trap.
Neil Harris, Chair of The Inclusion Foundation commented:
“One in four people experience financial exclusion at least once in their lifetime, which shows that as a society we’re all at risk at some point in our lives of being excluded at our most vulnerable hour. As one of the world’s most progressive, diverse and inclusive nations, we have let the most vulnerable fall through the cracks for far too long, and leading the world in financial innovation and fintech, the UK has every opportunity to ensure that there is financial service provision for every need. That’s why we created The Inclusion Foundation – formed to connect the dots, to unite the industry and to make financial exclusion a thing of the past.”
Mastercard, The Emerging Payments Association, PPS, GPS, SkyParlour and Manifesto Growth are backing the Foundation and are its first ‘Inclusion Pioneers’, with more sought.
Anne Pieckielon, CEO of The Inclusion Foundation said:
“Lack of a bank account typically costs each individual affected somewhere in the region of £485 per year. It is unforgivable that as an industry we are allowing this to happen. This is why we are tackling exclusion head on, with the support of our pioneers, enabling payment facilities for all. We’re always seeking new pioneers to help foster a more financially inclusive society, so please get in touch with us if you or your organisation is interested in becoming a TIF industry pioneer.”
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