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You are here: Home -> Consumer Corner -> Developments in Irish Payments -> Financial Inclusion A A 

Financial inclusion refers to the process of ensuring that all members of society, especially those on low incomes, have access to many financial products and services that are relevant to their needs.

 

Many people in Ireland do not have access to the following:

• Payments
• Savings Schemes
• Affordable Credit
• Insurance Services

 

This invariably leads to greater costs for individuals and families who can least afford it. For instance, a lack of access to affordable credit can drive people to unauthorised money lenders. Another example is that some billers charge extra for bills that are not paid by direct debit, thus putting those without bank accounts at a further disadvantage. It has been estimated that about 10% of Irish people do not have a bank current account. Furthermore, access to financial advice, particularly for those who are not familiar with mainstream financial services, is also vital to ensuring a greater degree of financial inclusion.

 

IPSO seeks to ensure that all members of society have access to electronic payment facilities. Along with the Government, IPSO is committed to the development of a national payments plan for Ireland. A key element of this plan will be the promotion of financial inclusion, both as a policy goal in its own right and as a key facilitator in the delivery of a comprehensive electronic payments environment.

 

The Irish banks are committed to reporting twice a year on their “progress in achieving goals and targets with respect to the delivery of the national payments strategy and the promotion of financial inclusion”. The current banking sector recapitalisation programme obliges the affected banks “to broaden the provision of basic or introductory bank accounts and will promote these accounts to socio-economic groups where the holding of bank accounts is less prevalent and to those who find that a current account does not suit their basic banking needs”.

 

More information on financial inclusion can be obtained from the Combat Poverty Agency, the Money Advice and Budgeting Service (MABS) or the Department of Social and Family Affairs.