The FCA estimates that 12.9 million UK adults have low financial resilience – that’s one in every four. With millions struggling to make ends meet, community finance options are an increasingly important consideration, but are often neglected in conversations around financial inclusion.
Our latest whitepaper – Redefining community finance: unlocking pathways to financial inclusion – explores how community finance should be redefined to make it more inclusive, accessible, and fit for purpose to tackle today’s financial exclusion challenges.
The whitepaper features commentary from experts and changemakers from across the payments sector, including academics, credit unions, banks, industry bodies, and consumer champions.
“Improving inclusion and creating better financial services for long underserved individuals and communities, remains vital. I’m proud to be part of an industry that has been innovating to improve people’s lives for many years, and it’s a privilege to continue this important work through the efforts of the Inclusion Working Group and The Payments Association.”
The Payments Association, in collaboration with our working group benefactor Mastercard, are leading a research initiative into the accessibility of community finance and how it can better serve the financially underserved and excluded in the UK.
These interviews were recorded at the roundtables that were hosted at 2024’s PAY360 conference and capture some of the attendees thoughts on the topic.
The roundtables focused on on how community finance-based solutions are already supporting financial inclusion for underserved and unbanked individuals, and importantly, what more needs to be done by industry and policymakers to further unlock the inclusion benefits of community finance.
Financial inclusion has long been synonymized with the 1.7 billion unbanked across the world. This initiative highlighted the needs of significant communities beyond the unbanked, who seek financial products that accommodate their values and beliefs.
The Inclusion Working Group has explored numerous ways in which financial inclusion can be aided by innovative technology. They have produced a whitepaper that investigates how fintech innovation is increasing access to affordable credit and tackling financial exclusion. Additionally, they have created a series of blogs from a series of interviews with fintech experts, to explore how crypto helps aid Financial Inclusion.
Through a series of interviews, a podcast and a report, the Inclusion Working Group set out to find out what it means to be a sustainable fintech and where to start. The report, ‘Sustainability Superheroes: A how-to guide to ESG for fintechs’, provided insights from several fintech leaders.
The Inclusion Working Group explored how sustainability can be feasible in fintech companies. Josh Berle (Mastercard), Frederick Rugginz (JP Morgan), Kit Yarker (PPS) and Charles Radclyffe (EthicsGrade), discussed this issue for our Insights Podcast.
Please fill out the form to indicate your interest in receiving more information about The Payments Association’s Inclusion Working Group. A member of our Project Team will be in touch with you shortly.
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