A purpose-led business
A greater need for financial inclusion
Without the ability to be a part of the regulated financial system, people find it difficult to save, obtain fair-priced credit or start a business. Access to regulated credit and insurance products can help individuals and families plan for upcoming events, deal with unexpected emergencies, help expand a microbusiness and seek peace of mind with health and life cover – all of which can contribute to the quality of their lives.
It is estimated that 1.7 billion people worldwide are unbanked and as such excluded from day-to-day financial services.
These consumers may not be well served by the financial services sector for a number of reasons:
- They work hard but their income is difficult to verify.
- They have never borrowed before and have no formal credit history.
- They have defaulted on a credit agreement in.
- They have the past resulting in a damaged credit history.
- They do not have a bank account.
- They live in a rural area and access to a bank is difficult.
- The amount they wish to borrow and their repayment schedule are not of interest to a bank.
How we are making a better world for our stakeholders
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Responsible lending
Providing access to regulated credit in a responsible way, when it really matters. We give consumers with low to medium incomes a much better alternative than the unregulated “grey” market.
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Inclusion
We start the process for mainstream financial inclusion for underserved consumers.
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Social contribution
Our positive social contribution extends to the wider economy. Our customer care specialists have a sense of pride in being connected to our customers and helping them obtain regulated credit. We also provide exciting career opportunities for our colleagues, invest in and support our communities, innovate with supplier partners to deliver growth and, as a responsible taxpayer, we believe in contributing our fair share to society in the markets in which we operate.
Purpose-led initiatives:
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Responsible lending long-term approach plays a vital role in our Most Trusted Lender mission and is a core of our business sustainability. Responsible lending is already embedded in everything we do, from strategic decision making and product design to the millions of credit checks and everyday interactions we have with customers each year. IPFD is going to drive the agenda further with a new objective for 2023+ on even more specific and aspirational responsible lending commitments, covering areas:
Fair treatment and transparency
We know our customers and treat them with respect at all times. We lend responsibly and act openly and transparently so that our customers can make informed choices
Communication and Marketing
We always provide information that is clear and easy to understand. We take our customers' data protection very seriously and keep all personal information stored securely.
Creditworthiness assessment and overindebtedness prevention
We always serve our customers in a responsible way, carefully assessing their financial circumstances with extensive affordability checks and clearly communicating our offer before lending
Financial hardship
Where our customers face difficulty meeting their repayments, we take a sympathetic, flexible approach to rescheduling repayments or we can offer a payment holiday if appropriate until they get back on track.
Complaints
We take customer complaints very seriously and work hard to overcome the issue. Complaints are always handled with care and in accordance with our complaints policies and the law.
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The Volunteering Month was started in 2018 as a way for IPF Digital to help markets co-ordinate and maximise impact of employee volunteering. Local teams are free to design and organise the volunteering activities according to the needs of our local stakeholders. Usually it takes place in May and December.
Our goal is to build a better world togehter and make a positive impact! To do so... we are running, swimming, baking, and visiting hospitals and shelters in a good cause.