ICAN is one of 30 trailblazer organisations to join the Financial Inclusion Action Plan (FIAP) partnership group. Group partners include essential services providers, professional services, banks, universities, government agencies and community organisations, all jointly working towards measurable actions that will create a more financially inclusive community. Each trailblazing organisation develops its own measurable individual Financial Inclusion Action Plan.
Good Shepherd Microfinance CEO Adam Mooney says the Financial Inclusion Action Plans for each organisation include measures and investments to build financial inclusion and resilience. “We’re already seeing tangible benefits impacting large numbers of people through the actions of our existing FIAP Trailblazers. We now have 30 organisations joining forces, which means we can amplify the benefits of inclusive economic growth. We’d encourage organisations across all sectors to come together and determine how they can take specific actions to be more financially inclusive through this program,” said Mr Mooney.
ICAN CEO Aaron Davis says the FIAP program is a natural fit to the community and partnership values of our organisation. “We know from experience that when government, industry and community sectors work together, financially excluded Aboriginal and Torres Strait Islander peoples can benefit from the collective impact. To create positive change, financial and consumer capability needs to be built with the Indigenous community, respecting existing knowledge and Indigenous cultures in delivery,” said Mr. Davis.
Over the next three months, ICAN in partnership with another FIAP trailblazer, Commonwealth Bank, will be rolling out concurrent scholarship programs for Indigenous and culturally and linguistically diverse recipients to gain a Diploma of Financial Counselling and mentoring from senior financial counsellors. Both the scholarships and mentorships will be delivered in Cairns and Melbourne, by ICAN’s new subsidiary ‘social enterprise’ registered training organisation (RTO), ICAN Learn. “The goal is to ensure that all Australian’s can receive both culturally competent and high quality financial counselling services,” said Mr. Davis.
Modelling undertaken by the FIAP program under the guidance of independent economist Saul Eslake demonstrates that the emulation effect of the actions of these 30 organisations, if embedded into business as usual practices across all sectors, have the potential to drive significant economic benefits. “By working together and encouraging others to do the same, we estimate that in ten years from now, the program can contribute to a $2.9 billion annual uplift in GDP, potential government savings of $583 million and increase household wealth by $11.8 billion per year,” said Mr Eslake.