Comic Relief and the Jersey Overseas Aid Commission began their partnership in 2018 which is running a jointly funded 4-year programme which aims to be about genuine financial inclusion for people and communities.
The partnership focuses on three key areas with each area targeting a different beneficiary group with the impact expected to be long-term and sustainable financial inclusion.
The first strand aims to address financial inclusion for those left behind by the technological revolution. This strand would support organisations to deliver 3-4 year programmes that would aim to support specific communities and people to be financially included This would enable a focus at a larger scale on issues such as access to bank accounts, money transfers, and support community-led solutions to financial inclusion.
The second strand focuses on incubating real financial inclusion products. This strand would look to incubate and accelerate fintech products, start-ups or early-stage social enterprises that are using technology or innovative ideas to make financial services accessible, responsible and sustainable.
The third and final strand targets advocacy and policy change to ensure regulations and access to financial products is open to everyone. Supporting, promoting and influencing the development of regulatory frameworks that promote inclusion and ensure financial services work for the poorest and most marginalised. This strand aims to make a difference to the eco-structure in a way that reflects and carries the voice of the people and their communities. According to the World Bank ‘Countries that have achieved the most progress toward financial inclusion have put in place an enabling regulatory and policy environment, and have encouraged competition allowing banks and non-banks to innovate and expand access to financial services. However, creating this innovative and competitive space has to be accompanied by appropriate consumer protection measures and regulations to ensure the responsible provision of financial services."