Chapter 12

How payments can promote Financial Inclusion?

Chapter 12 Financial Inclusion

The Emerging Payments Association (EPA) Asia is a commercial membership association of payments industry influencers. EPA Asia is part of the growing EPA global network. It runs more than 30 events each year, delivers eight projects annually to drive change, helps to connect the ecosystem, encourages innovation and profitable business growth. The EPA’s vision is for Asia is to be the regional Knowledge Hub for payments innovation. As it sets out to be the most influential trade body in emerging payments, the EPA’s mission, to collaborate to innovate, has the potential to improve lives everywhere.

For this round table, we will explore specifically how payments can promote financial inclusion. Along the way, we will dip into open banking, regulation and NFPs.

  • Inclusion in the UK
    • >97% have access to a bank account
    • Even the basic bank account provides access to payments
    • But key groups excluded
      • Digitally excluded
      • Rural
      • Older people
      • Access to cash seen as critical policy issue as branch networks retreat
  • But many are under-served
    • Financially squeezed struggle to access best products
    • Lack of digital skills or access means reliant on cash
    • Risk exploitation through scams and lack of profitability
    • Regulatory response
    • Access to cash review – potential legislation
    • Role of the Post Office
    • Financial Inclusion Commission
    • Lending Standards Board
    • Money and Pensions Service
    • Open Banking
Anne Pieckielon Payment Systems Regulator – Trustee, Judge, Independent Consultant, EPA Ambassador, Consumer champion Recognised as the 2019 Emerging Payments Awards’ Contributor of the Year and a senior leader under the Innovate Finance Women in PayTech Powerlist, I champion diversity and inclusion. I am a judge for the EPA and European Women’s Payment Network (EWPN) Awards, and an advocate for HM Treasury’s Women in Finance Charter, although I seek contributions from the broadest audience possible to drive positive change in financial services. I am a Trustee of the Money Charity and champion Financial Inclusion and promote consumer choice. My track record of achievement as a Director and senior leader with Pay.UK (formerly Bacs) and across the wider EPA community as an Advisory Board member, brings a unique perspective to a range of industry challenges faced by the Fintech ecosystem. I constantly challenge the traditional payments model across a range of services and support stakeholders to achieve step changes in their business. Whilst at Bacs I led the strategy and steered product development of the UK’s retail payment products and services such as Direct Debit, Bacs Direct Credit, Current Account Switch Service and Cash ISA account switching services. My entrepreneurship and influence shaped the future of these highly successful initiatives which have been adopted by the financial services industry, consumers and businesses globally.
Faith Reynolds Strategic adviser to industry, government and regulators on fintech, Open Banking, Open Finance & Smart Data. Focused on creating products & services consumers get genuine value from and love using. I have a wide range of interests in financial services. In the past I have worked on a diversity of issues ranging from enforcement and redress in financial services through to accessibility and vulnerability. At the moment I am particularly interested in the potential of technology to improve financial services for consumers and make regulation more effective. I recently authored the independent reports, Consumer Priorities for Open Banking (2019) and Open Banking: A consumer perspective (2017), which you may find of interest.
Consumer Credit, Deposits & Payments at
RFi Group
Head of Vulnerable Customers at
Monzo Bank
Head of North Asia at

Director of Product, Payments at
Zip Co
Director at
Financial Education and Research Centre (Fin-Ed Centre)
Non Executive Director at
Old Mutual Limited

Co-founder & Chief Operating Officer at
Regional Director, Southeast Asia at
Head of Product Experience at
BigPay | Challenge Banking