Getting smart about finances
Our SmartCash project helps vulnerable people break the cycle of debt
Predatory lenders prey on people in low-income households, offering ready cash at exorbitant rates. This isn’t new. What is, is SmartCash.
Similar to their response to the Syrian refugee crisis, SmartCash is an innovation from The Neighbourhood Group Foundation. The goal is to improve vulnerable people’s financial stability by offering in-house cheque cashing. But SmartCash doesn’t stop there: In phase two, we will offer cash-advances and micro-loans at little or no interest. These services will help us provide a better option than dishonest lenders, educate people on financial literacy and connect them with reputable financial institutions.
SmartCash is possible not only through the ingenuity of the Foundation, but also by its willingness to back the project by covering any fees, losses and staff. Nor can the generosity of our partners be ignored. Alterna Bank is providing back-end support while Gillchrist installed the ATM and waived their fees.
The impact of SmartCash will be felt by the struggling people we serve, putting them on the path to financial independence.
Read more stories / Read more stories from the 2019/2020 Annual Report / Find out more about The Neighbourhood Group