Our Community Board: How True Given is promoting safe financial products and job opportunities
Thu 06 May 2021
Connecting low-income individuals to safe and affordable financial products, services and opportunities are important. And that is why True Given created a community board to provide a platform for financial institutions, fintech, and nonprofits serving underserved populations to promoting their financial products.
This financial empowerment intervention aims to improve access to safe and affordable mainstream financial services and products that meet the needs of low-income people and reduce their reliance on the fringe and predatory financial services.
Successful interventions include:
-Establishing basic financial services in underserved neighborhoods.
-Creating and promoting low-cost transaction and savings products in partnership with, or independently of, financial institutions.
-Affordable credit products – e.g., small-dollar or auto refinance loans – reduce reliance on fringe lenders.
-Encouraging employers to use direct deposit to nudge people to open bank accounts and reduce their reliance on costly cheque cashers.
-Better job opportunities
-Better housing opportunities
The ultimate goal of this initiative is to improve financial outcomes for low-income households.
Do you know any Fintechs, Nonprofit Organizations, or Financial Institutions looking to offer better Financial Products for Low-Income Individuals?
Contact us at admin@trugiven.com or visit our website for more information.