THE INCLUSION FOUNDATION LAUNCHES TO TACKLE FINANCIAL EXCLUSION

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The Inclusion FoundationTM (TIF), the Community Interest Company
(CIC) uniting the fintech industry to give the UK’s 13m
under-served adults better access to financial services, announces
its launch today.[1] 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, [2]
#FinancialInclusionMatters awareness movement will
accelerate fintech industry
collaboration in the
peak of the COVID-19 crisis

TIF’s proprietary research highlights that 1.23m[3] 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
SignpostNowTM, a comparison website enabling underserved customers
to compare financial products that suit their individual needs, and
The Inclusion SignpostTM, 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’.

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.â€

Mastercard,  The Emerging Payments
Association
, PPS, GPS,
SkyParlour and Manifesto Growth
back TIF and have been welcomed by the Foundation as the Inclusion
Pioneers. As some of the leading companies in the payments and
fintech arenas, the pioneers are at the forefront of innovation and
developments.

Anne Pieckielon, the CEO of The
Inclusion Foundation
stated; ‘Lack of a bank account
typically costs each individual affected somewhere in the region of
£485 per year.[4] 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.†Anne continued; “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.â€

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.

About The Inclusion Foundation

The Inclusion Foundation (TIF) is a dedicated not-for-profit
Community Interest Company (CIC) aiming to improve the lives of
millions. The mission is to encourage the industry to play its part
in giving every person in the UK access to financial services and
lift those least fortunate in society out of the poverty trap. TIF
does this by providing better access to information on financial
services that’s more inclusive and signposts people to the right
products. As well as lobbying key stakeholders in government,
commerce and consumer groups, and offering the banking world a wide
range of vital services so they have the tools to get on board with
financial inclusion.

For more information, visit: https://theinclusionfoundation.org

#FinancialInclusionMatters

[1] TIF analysis of data from: FCA - Financial lives of consumers across the UK; Close Brothers - Closing the SME funding gap; Ipsos MORI - Disabled people and financial wellbeing; Lloyds Bank - Consumer Digital Index; HMT and DWPFinancial Inclusion Report[2] TIF Research using data from Pockit - Banking on the Poverty Premium and Social Market Foundation - A Switch in Time[3] Policy Exchange, FinTech For All (2020)[4] Pockit - The Banking Poverty Premium

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THE INCLUSION FOUNDATION LAUNCHES TO TACKLE FINANCIAL EXCLUSION

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