Faisel Rahman on Fair Finance
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February 23, 2012 No Straight Lines with Alan Moore and Faisel Rahman Twitter #C8Event #nostraightlines www.canvas8.com
description
Faisel Rahman taks about Fair Finance, a social business that aims to reduce financial exclusion and exploitation amongst poor and low-income communities in the UK.
Transcript of Faisel Rahman on Fair Finance
February 23, 2012
No Straight Lines with Alan Moore and Faisel Rahman
Twitter #C8Event#nostraightlineswww.canvas8.com
Meet Victoria Obanye
•Up to 12 million people use non mainstream lenders in the UK
•7-10 million with limited access to financial services
•2m without bank accounts
•3-5m using doorstep lenders
•2m+ using pay day lenders
•200k using illegal money lenders
According to the FSA, Government and Competition Commission
Lender Average APR
Morses Ltd 365%
Provident 469%
Rhodes Finance 1064%
CLC 1564%
Pay Day 2500%+
No-one wants charityThey just want a fair chance
1. Price
2. Security
3. Brand/marketing
4. New technology
5. Ethics
Priorities in choosing financial products
1. Accessibility
2. Flexibility
3. Honesty and simplicity
4. Respect
5. Relationship
Priorities in choosing financial products
Launched in 2005
A high touch service with a human interface
Access to mainstream banking services AND
We aim to revolutionize personal finance, starting with the people whom the mainstream providers have left
behind.
Meet Mama’s Kitchen
