Financial Inclusion Action Plans (FIAP)

Financial Inclusion Action Plans (FIAP)

Latest FIAP news

Three million people in Australia are severely or fully excluded from financial institutions and their banking and insurance products. Financial exclusion places people and their families at risk of financial hardships. This can lead to poverty, vulnerability to predatory lending practices and poor social, emotional and health outcomes.

In 2015 Australia committed to financial inclusion by agreeing to international obligations including the G20 Financial Inclusion Action Plan and the United Nation’s Sustainable Development Goals. As part of this commitment, the Australian Government appointed Good Shepherd Microfinance to develop a Financial Inclusion Action Plan (FIAP) program.

The FIAP program provides an opportunity for organisations to take real action to realise financial inclusion – especially for women.  The program has been developed in partnership with the Australian Government, EY and the Centre for Social Impact and is also supported by an Advisory Group of experienced professionals from across the government, corporate and community sectors.

Why is financial inclusion important?

The innovation of a modest group of 30 Trailblazer organisations embedding committed actions into business as-usual-practices, could contribute towards:

  • A GDP uplift of $2.9 billion,
  • Government savings of $583 million
  • Increased household wealth of $11.8 billion per annum [1]

What is a FIAP?

A FIAP is an agreed strategy of practical actions that an organisations will undertake to improve financial inclusion in Australia. A FIAP provides an opportunity for these organisations to take real action to enable financial inclusion and resilience.

Together with Good Shepherd Microfinance, organisations are able to put together a series of measurable actions that commit to financial resilience for their staff and clients.

Download the FIAP launch report: Collective actions, leading change.

30 trailblazer organisations

In 2016, 12 Trailblazer organisations committed to over 240 new and existing actions that promote financial inclusion and resilience. These organisations have seen measurable improvements in financial resilience for their staff and customers as a result of the actions. In 2017, 18 new organisations have committed to launching their FIAPs. These organisations join the growing FIAP Community of Practice that will explore multi-sectoral collaboration to create shared value through collective impact.

The Foundation FIAP is a 12 month commitment to declare existing actions as well as test and explore new ways to promote financial inclusion and financial resilience. Together, the 12 Trailblazers have committed to over 240 actions focused on enabling core aspects of financial inclusion and resilience. The 12 Trailblazers are:

Building a FIAP Community – Statements of Commitment

Following the launch of the Foundation FIAPS in November 2016, eighteen other organisations have now committed to developing their FIAPs in 2017. These organisations join the growing FIAP Community of Practice that will explore multi-sectoral collaboration to create shared value through collective impact.

[1] SPP (2016). Economic Modelling for FIAP Program Implementation Team, November 2016

Latest News from Financial Inclusion Action Plans (FIAP)

26 May 2016 Media Release

Resilient women the focus of new national program

The FIAP program invites organisations to turn good intentions into action that works by collaborating across sectors to improve financial inclusion for everyone.

Read More

20 April 2016

Review calls for payday loans and consumer leases to facilitate financial inclusion

'Rent to buy' companies would be required to disclose the total cost of their contracts and abide by a new price cap if the Australian Government adopts the recommendations of its review into Small Amount Credit Contracts.

Read More

25 November 2016 Media Release

Collective action on financial inclusion can generate an annual $2.9 billion in GDP

Twelve trailblazing organisations have publicly released their Financial Inclusion Action Plans, detailing specific steps they will take to improve financial resilience for large numbers of people experiencing financial exclusion, especially women.

Read More

21 June 2017 Media Release

30 Organisations Join Forces To Enable Financial Inclusion For Three Million Australians and Boost GDP

The number of organisations committed to driving inclusion and resilience for over three million adults who are experiencing financial exclusion in Australia has today risen to 30, with a range of actions underway to support those in need. One in every two Australians has limited or no savings, and a quarter report having experienced difficulties accessing financial services.

Through individual Financial Inclusion Action Plans (FIAPs), the 30 organisations, which include essential services providers, professional services firms, banks, universities and government agencies, are working towards measurable actions that will create a more financially inclusive community. The various initiatives range from improved access to appropriate and affordable financial products and services; development of early warning indicators to identify vulnerability; and support to those experiencing family violence avoid financial hardship. Read more.

Read More

No one sector can create a more equitable, resilient, financially inclusive Australia acting alone. It is only by bringing together the private, government, education and the not-for-profit sectors that we can truly work towards holistic solutions.

Delia Rickard, Independent Chair Financial Inclusion Action Plan Advisory Group