The Inclusion Foundation launches to tackle financial exclusion

Thursday 23 April 2020 13:53 CET | News

The Inclusion Foundation (TIF), the Community Interest Company (CIC) uniting the fintech industry to give the UK’s 13 million under-served adults better access to financial services, has announced its launch.

This comes at a time when the society’s most vulnerable are in the greatest need of vital financial services as they cope with the COVID-19 pandemic, potentially unlocking GBP 1.8 billion in benefits for low-income households. 

TIF’s proprietary research highlights that 1.23 million of the UK’s most vulnerable do not have access to a bank account and such disadvantaged segments of society find it very challenging to pay and get paid. The problem is being further exasperated by the social isolation measures put in place to curb the spread of COVID-19, which is having an unintended consequence for the socially vulnerable who also have less access to cash than ever before. 

The Inclusion Foundation provides three core services, including SignpostNow, a comparison website enabling underserved customers to compare financial products that suit their individual needs, and The Inclusion Signpost, an accreditation recognising financial services products that serve the needs of previously underserved segments. Additionally, the Foundation provides education and a learning programme for payment account providers and the government, The Inclusion Academy. The Academy’s think tank arm is dedicated to keeping the pressure on all key stakeholders while publishing news, research and discussion papers.  

A payments account is a key utility; with this access the user can benefit from social mobility enabling them to pay for their rent, purchase goods and services and build a credit rating. Consequently, TIF is dedicated to joining 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’. 

To show support for The Inclusion Foundation’s work and spread the word, the awareness movement #FinancialInclusionMatters has been created and the foundation is looking for  organisations and individuals to get behind and engage with the campaign so that it becomes a powerful force for change.

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Keywords: The Inclusion Foundation, financial exclusion, fintech, banking, payments
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech