Piyush Gupta’s Post

An excellent report from Fair4All Finance that highlights the enormous disadvantages that minority ethnic groups suffer with respect to access to financial education and support. Do take a look at the report - link in the below post from the brilliant Money A+E #financialinclusion

Is the 'Impact Sector' about to self-destruct?  Instead of fighting the good fight, we seem to be fighting against each other.  What’s going on? Did you know that in 1984, George Michael participated in Band Aid, a charity effort to raise money for the famine in Ethiopia? One of his most famous songs, "Last Christmas," was released at the same time. George told his fans not to buy "Last Christmas" and to go out and buy Band Aid’s “Do They Know It’s Christmas” instead. He even donated his royalties for "Last Christmas" to the cause. His participation cost him money and the coveted no.1 spot at Christmas time, but it helped so many people. I work with extraordinary individuals, and I often hear from these leaders about how in-fighting within the industry is causing delays, hindering progress, and at times, being downright destructive. As more attention is drawn to this space, we see an influx of great talent and a bit more capital. However, it seems we are now competing more than ever for funds, for our frameworks to be recognised as the best, and for our services to be no.1 with room for no-one else. As purpose-driven individuals, we aim to create impact and serve, yet in our pursuit, we often exhibit the very behaviours we stand against So, why is this happening? Is this just natural human behaviour at a time when the impact sector is storming, norming, and reforming? Are our egos suddenly emerging in competition to be no.1?  Are we afraid of losing relevance?  Or do we simply want what the other is having? We must remember why we are here—to make a positive impact on the world. This mission requires us to work together. We need to create a culture of trust, openness, and genuine support. Celebrating each other’s successes does not diminish our own; it strengthens our collective impact. When this happens, it’s not only beautiful to see but real progress is made. Just as Band Aid did in 1984, bringing together extraordinary artists to raise over $150 million and achieve a number 1 hit, we too can accomplish far more collectively than we ever could alone. Impact Aid anyone?

𝗕𝗮𝗻𝗸𝗶𝗻𝗴 & 𝗰𝗵𝗮𝗿𝗶𝘁𝗶𝗲𝘀: 𝘄𝗵𝗮𝘁'𝘀 𝗰𝗮𝘂𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗿𝗶𝗳𝘁 & 𝗰𝗮𝗻 𝘄𝗲 𝗳𝗶𝘅 𝗶𝘁 It’s here. And it wasn’t easy. 𝗖𝗹𝗶𝗰𝗸 𝘁𝗵𝗲 𝗯𝗲𝗹𝗼𝘄 𝗹𝗶𝗻𝗸 𝘁𝗼 𝗹𝗶𝘀𝘁𝗲𝗻 There are some strong opinions on our Charity Times podcast, but they needed voicing Over the years, we experienced these observations firsthand, and we heard similar concerns from counterparts at other financial institutions in the UK, Switzerland, and the U.S. Tasked with supporting international charities remitting funds overseas, efforts were being hampered by finance sector-wide cultures of de-risking fear, profit-first, little-to-no understanding of the humanitarian mission, and the constant drive toward more service digitisation... meaning less expert, personal support Yes, there is the odd niche FI out there doing good work, and they're certainly aligned with international development and humanitarian needs, but in the UK alone, there are over 16,200 charities working internationally The needs to be more of those charity-first financial institutions. When it comes to payments and foreign currency 💱 the huge majority of charities are left just with a generic service offerings from banks and non-bank FIs who give an average to sub-standard customer service when it comes to supporting INGOs It’s a UK sector-wide loss IPT Africa attributes to  FX rates, banking fees (both seen and unseen) and delayed/rejected/returned payments All of which we’re working hard to solve. Reach out to IPT Africa today to find out just how we’re doing it. https://lnkd.in/dZ26r3pZ

Since 2017, GiveDirectly, a charity based in the US, has been conducting a groundbreaking experiment. They've been giving thousands of Kenyan villagers a 'universal basic income' - a monthly cash grant of about $50 - with a commitment to maintain these payments for 12 years. This initiative is seen as a revolutionary idea for tackling global poverty. Independent researchers, including Abhijit Banerjee, a Nobel prize-winning economist, presented results from the first two years of the trial on 1 December 2023. https://lnkd.in/dPMArqP8 You can also watch the documentary on this experiment "Free Money" on Netflix which was released in 2022: https://lnkd.in/dh77USiF Of course, the experiment, and the film, also show the drawbacks, but it makes for an interesting case study and a new way of looking at philanthropy. A summary of the biggest findings: 1. Giving cash aid in a lump sum has some major advantages over parceling it out. 2. Lump sums are so useful that even those who didn't get them have banded together to create their own version. 3. Making the benefit 'universal' – by paying every adult in the village – seems to have greatly increased the impact. 4. The grants did not seem to fuel inflation 5. The big remaining question is whether the benefits of lump-sum payments actually last.

PRESS RELEASE City Bridge Foundation, well-known for its care of five iconic bridges over the River Thames and for being London's biggest independent charity funder, have made a commitment to transform young lives. In a significant gesture of support, the Foundation has given a generous grant of £614,500 to XLP, a youth work charity dedicated to working with young people who come from under-served communities. This substantial gift will breathe new life into XLP’s visionary Mobile Youth Centre Project, an initiative housed within three specially designed double-decker buses. These buses go to different estate communities where this is little or no youth provision, and where there are high levels of anti-social behaviour and gang violence, to make sure as many young people get the help they need. This is especially important for young people who might be facing challenging times. Giles Shilson, City Bridge Foundation Chairman, said: “We’re really pleased to be able to support XLP on this project, which takes an innovative approach to getting out into communities and providing support for young people where it’s needed most. “The Mobile Youth Centre is having a positive impact on thousands of young people, helping to boost their self-esteem, skills and relationships, and steering them away from being drawn into gangs or anti-social behaviour.” City Bridge Foundation are not just giving away money, they’re fuelling a movement that will empower thousands of young people. It will help them stay away from getting involved in crime and give them hope for a brighter future. Danielle Widger, Head of Youth Work at XLP, said, “The bus [Mobile Youth Centre] serves the most under-served young people. No one is finding them, which is why they’re at risk of criminal exploitation. But we have a bus that can go and find them, and we can’t do that without this grant. We’re working together to help young people succeed.” The Mobile Youth Centre Project is all about bringing young people in their communities together. It will reach out to communities, help them stay strong, and show young people that they have loads of potential. #PressRelease #YouthWork #London

Charities must make new allies to avoid losing democratic powers, a new report warns. Charities must make new alliances, some “unusual”, to create a healthy democratic space. Defending our democratic space by the Sheila McKechnie Foundation (SMK) and Civil Exchange uses the term ‘democratic space’ to define how people and civil society organisations help to shape policies, services and laws. This democratic space is laden with threats nowadays, according to the report, including the limiting of rights to protest. Check out the full article here: https://buff.ly/3I9D4tI #CharitySector #Collaboration #DemocracyInAction

In another of an occasional series, operators are seeking to bridge the divide through charitable endeavours. Two recent examples highlight the contribution the sector is making on society. UK MVNO giffgaff has donated 250 smartphones to Big Issue vendors, enabling them to accept contactless payments and enhance their financial inclusion. This initiative is part of giffgaff's mission to make connectivity accessible to all, ensuring that The Big Issue vendors can participate in the digital economy. Meanwhile, Vodafone, has partnered with The Trussell Trust Trust to extend its initiative to offer free data and voice connectivity to those facing financial hardship. This partnership aims to address the digital divide and ensure that individuals in need can stay connected with essential services and support networks. These initiatives underscore the growing role of connectivity in our daily lives and hats off to the organisations reflecting this to encourage some social change. They are making a tangible difference in the lives of those facing challenges. These charitable endeavours are not only providing immediate assistance but also contributing to a more inclusive and equitable digital future. #connectivity #digitaldivide

Oxfam report released recently shows that the five richest men in the world- #ElonMusk, #BernardArnault, #JeffBezos, #LarryEllison & #MarkZuckerberg-have doubled their fortune to $869 billion since 2020. However, within the same period world's poorest 60%, which account for 5 billion people, became poorer, Oxfam report adds. A report from the charity, published as the global elite hobnob at the World Economic Forum (WEF) in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year. Read here: https://www.read.ht/RgW3

Today we shared some of our research on financial inclusion and the effect of the cost of living crisis on low income households with Her Majesty's Treasury. 3 key takeouts for me from our discussion: 1. The reality for low income households is worse than most people imagine, both practically and emotionally 2. Trust in banks and insurers is a big barrier to accessing the best products and services, and our research showed that product's delivered in partnership with charities are an area of untapped potential to overcoming that barrier 3. There's lots more financial services companies can be doing to support low income households whilst also delivering on their social impact goals #financialinclusion #financialservices #socialimpact

THANK YOU to Ballarat Connected Communities on behalf of the Ballarat Business Women (BBW), for supporting the vision of the BBW Board to empower more women to consider taking on leadership roles within our community, whether that be personally or professionally via a scholarship initiative. Your contribution of $5000.00, allows the Ballarat Business Women to launch our new scholarship (a post with the BBW scholarship deets will follow soon.) For those of you that dont know much about #BallaratConnectedCommunities, keep reading: They provide grants to local community groups to benefit the broader community as a whole. Across #Australia, the #BendigoBank have established more than 200 community companies, some as ‘Community Banks’ and others as ‘Connected Communities’, whose contributions to local communities exceeds $165 million and growing every year. Since establishing Ballarat Connected Communities in 2017, over $150,000 has been given back to local Ballarat community groups and organisations 🙌 Funds are raised through a disbursement provided by the Bendigo Bank and its partners. When you do your banking with the Bendigo Bank, a dividend comes back to the community. All you have to do is nominate BCC as your chosen charity. The Board assess grant applications and determine how funds are dispersed, according to key selection criteria. Grants are administered monthly from February through to December. A special thanks to the BCC Board! Further details are available on their website: https://lnkd.in/gZYPQJ7w Please share this post or tag other community groups who may benefit from the Connected Communities Ballarat funds! #ballarat #bendigobank #ballaratconnectedcommunities #communityimpact #supportinglocal #giveandgrow #empowerment #staytuned David Sproules Sarah Hallam Margi Cousins