CFIT launches Financial Inclusion Coalition to develop inclusive payments solutions

§ 01 Executive Snapshot

• What: CFIT launches the Financial Inclusion Coalition to develop inclusive payment solutions for vulnerable individuals.
• Who: Centre for Finance, Innovation and Technology (CFIT), HM Treasury, banks, fintechs, regulators, charities, consumer groups, and the learning disability community.
• Why it matters: This initiative aims to provide safer payment solutions for underserved consumers, enhancing financial independence and reducing risks of fraud and financial abuse.

§ 02 Key Developments

• The Coalition will develop a Supported Payments framework to enable vulnerable customers to manage payments with guidance from trusted third parties.
• Funded by HM Treasury, this initiative aligns with the Government’s Financial Inclusion Strategy to deliver better outcomes for consumers.
• Approximately 11 million UK adults (around 19.3%) are already assisting someone with digital banking, indicating a significant potential user base for the Supported Payments model.

§ 03 Strategic Context

• The Financial Inclusion Coalition builds upon CFIT's previous initiatives, including Project Nemo, which focused on disability inclusion in financial services.
• This Coalition reflects a growing recognition of the need for inclusive financial solutions that address systemic gaps in the current financial framework.

§ 04 Strategic Implications

• The immediate consequence is a potential reshaping of how financial support is provided, particularly for individuals with learning disabilities.
• Long-term implications include fostering a more inclusive financial ecosystem that prioritizes consumer safety and autonomy in managing finances.

§ 05 Risks & Constraints

• Potential risks include regulatory challenges around the implementation of the Supported Payments framework and ensuring widespread adoption among financial institutions.
• Competition from existing financial solutions may hinder the uptake of the Coalition's initiatives if they do not adequately address consumer needs.

§ 06 Watchlist / Forward Signals

• A workshop on 18 June 2026 will gather stakeholder input to shape the Coalition’s roadmap, marking a key milestone.
• The Coalition is set to officially commence activities in the summer of 2026, with ongoing evaluations of the Supported Payments model expected to signal its success or challenges.