The partnership between Good Shepherd Microfinance and the Department of Social Services has increased access to the No Interest Loan Scheme (NILS) and built the capacity of the National NILS Network, which now offer loans from 636 locations across Australia. The Department of Social Services’ support of the annual National NILS Conference facilitates the sharing of knowledge and best practice by microfinance manager, workers and volunteers across the country.
The Australian Government’s 2015 Budget allocated $33.3 million to safe and affordable financial services. Provided over five years, the funding will allow Good Shepherd Microfinance to grow its range of people-centred, affordable financial programs for people on low incomes, including its awarding winning No Interest Loans Scheme.
NAB’s significant commitment to financial inclusion is demonstrated through its allocation of $130 million for microfinance capital, as well as its broader leadership in this area. Together Good Shepherd Microfinance and NAB have built Australia’s leading microfinance partnership with the shared aim to reach one million people on low incomes by 2018.
With Good Shepherd Microfinance, NAB has created the StepUP Loan, Good Money community finance stores and the AddsUP Savings Plan. NAB has also been a long-time supporter of the No Interest Loan Scheme (NILS) and a key driver behind its growth.
NAB has undertaken world leading research on financial inclusion and designated in-kind resources to develop innovative solutions to address the issues associated with financial exclusion in Australia.