The PRB Commitment to Financial Health and Inclusion is a first-of-its-kind commitment to promote universal financial inclusion and foster a banking sector that supports the financial health of customers. Launched in December 2021, the commitment is a collective journey to accelerate action on financial health and inclusion – one of the top three sustainability challenges identified by signatory banks in the 2020 PRB Collective Progress Report, as where they can have the most impact.
Globally, around 1.7 billion adults are without a bank account, which means they are unlikely to be able to save securely or to have access to emergency credit. Such inaccessibility to financial products and services makes it more challenging for them to be financially resilient in times of difficulty. It excludes people from opportunities to secure and maintain their standard of living and prevents them from taking steps to improve their financial health, such as long-term financial planning, access to credit and insurance.
Driven by a working group of signatory banks of the Principles for Responsible Banking, the Commitment to Financial Health and Inclusion brings together a pioneering group of banks who take up a leadership role in accelerating action for universal financial inclusion and financial health of all individuals. Signatories to the Commitment are required to:
- Set targets within the first 18 months after signing that make a substantial contribution to the financial health and inclusion of societies.
- Report within 18 months on financial health and inclusion targets, and annually thereafter on their progress against these targets.
Committed signatory banks will also define common measurements of success and share current best practices and successful approaches to financial inclusion to see how they might be further improved and adopted more widely across the sector.
Become part of the future of banking that fosters inclusive societies founded on human dignity and equality. If your bank is interested in joining this leadership group, reach out to Laura Diaz.
The commitment and guidelines
The pioneering banks in the Commitment
2023 summary report and more