A community initiative that offers vital banking services to around 200 people who are excluded from using traditional high street banks is getting a financial helping hand from those very same organisations.
Clearing banks including HSBC, Lloyds, and NatWest International are to give money to support Guernsey Community Savings.
The funding has been described as “life-changing” by the charity which was launched in 2020.
Since then it has helped hundreds of people who have been financially excluded from society, as they did not have a bank account.
Peter Neville, Founder and Chair of GCS, explained that without a bank account, it is very hard to find employment or accommodation.
He said it is impossible to shop online, and it is also difficult to make purchases or access other services locally, as retailers move away from cash.
GCS has been able to arrange banking services for many people in this situation and in addition, it helps them to manage their money and build their confidence, so that they can play a full role in society.
“The backing of Guernsey’s leading banks is an exciting and positive development for GCS and, most importantly, for those vulnerable members of our society who we serve,” said Mr Neville.
“This support will empower us to extend our reach and positively impact the lives of many islanders who struggle to access traditional banking services.”
The funding agreement has been reached after negotiations between GCS and the banks themselves, led by the States of Guernsey, who acted as a neutral third party throughout the process.
Deputy Nick Moakes, Finance Sector Lead for the Committee for Economic Development, said: “This is a great example of how government, business and the third sector can work together. In this case, it will help people who do not have access to essential banking services that most of us take for granted. I would like to take this opportunity to thank the banks for coming together to support this important local initiative.”
The involved clearing banks said they recognise the value of the support provided by GCS.
By signing the agreement, the banks have committed to providing ongoing funding to ensure GCS can continue to support local people facing financial exclusion.
“We’re proud to come together in support of GCS,” said a representative for The Association of Guernsey Banks (AGB).
“Ensuring everyone has access to essential banking services is fundamental, and this agreement is a significant step forward in addressing financial exclusion in Guernsey.”
Susan Fouquier, Country Head for RBS International added: “We’re pleased to support this key initiative to address financial exclusion in our community, which dovetails with the bank’s purpose of turning possibilities into progress, and we wish GCS every success.”
Guernsey Community Savings launched in 2020.
It’s primary aim is to assist people who have previously been financially excluded from society because they didn’t have a bank account.
The charity ensures that each of its clients has access to an easy-to-use online account, a debit card, and a means of building up savings.
The charity also offers financial management education to those who need it, including running six-week programmes with the education department at Guernsey Prison.
The GCS office is at Unit 1, 20 Mansell Street, with visits by appointment.
For more information about Guernsey Community Savings, call 01481 700360, e-mail information@gcs.gg or visit www.gcs.gg