At Virgin Money we are always looking for ways to bring our company ethos, making “Everyone Better Off” or “EBO” , to life and are proud to share some of the work we have been doing around financial inclusion.
We have been working with like-minded organisations who support affordable credit, including the Carnegie Trust and their Affordable Credit Action Group. The Carnegie Trust aims to help even the most financially excluded gain access to basic financial products and services and, in doing so, help people break the cycle of poverty, debt and start to build financial resilience.
For the past year, we’ve been delivering on our EBO ethos through a working partnership with Scotcash, which is a Glasgow based not-for-profit social enterprise that offers affordable loans to customers who have limited alternatives. There are 2 million people in the UK who don’t have access to a basic bank account and the impact of gaining access to banking facilities has made a real difference to people’s lives. Often, with the help of Scotcash, people are able to get on top of their finances in a way they may never have believed possible which can have a positive impact on personal well-being.
At Virgin Money, we have been working to reduce financial exclusion with our Virgin Money Essential Current Account. Our Glasgow Store colleagues hold a ‘surgery’ once a week in the Scotcash office to support people as they open an account, which in some cases can be their first account.
Recently the Virgin Money Foundation was able to co-fund the expansion of Scotcash into Edinburgh with a grant from its new “Ripple Fund”, the first in Scotland. We were proud to host the launch event in our Edinburgh office last week, bringing together around 70 social partners and supporters to celebrate their expansion.
Nancy Doyle-Hall, Executive Director, Virgin Money Foundation said:
We are confident that the people supported by Scotcash in Edinburgh will move out of financial exclusion and indebtedness and find the benefits not only for their personal finances but rippling out to other areas of their lives.
Several of our Virgin Money colleagues have also volunteered to work with their Scotcash counterparts to share their expertise in areas such as risk management, customer insights, marketing, IT systems, change delivery and financial modelling. This is a great example of EBO and our own Volunteering Programme which allows us to support Scotcash as they grow and help more and more people onto the financial ladder.
For more information on ScotCash click here.