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The most frequent topic I encounter when speaking to Pockit customers is the problems they face trying to obtain basic budgeting tools, like bank accounts.

Without these services, many hardworking people find themselves stuck in a continuous cycle of debt and anxiety, unable to climb the ladder of economic mobility.

Wherever they turn for help, predatory organisations are looking to exploit them with hidden fees and unethical interest rates.

This, to me, is wrong. I have always believed that nobody should be left behind by the financial system.

Last Wednesday, almost 250 experts from traditional banks, investors, challenger banks, universities, charities and advice groups came together to discuss this problem at the Financial Inclusion Summit in London.

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The event was sponsored by Bloomberg and Concentric Ventures, one of Pockit’s major investors.

It provided a brilliant opportunity to raise awareness around an issue I care so passionately about and one which is seldom discussed in the UK.

Keynote speaker Baroness Philippa Stroud, Director at leading think tank the Centre for Social Justice told the summit: “Financial inclusion is important for society as a whole because a considerable number of people in this country suffer from stress and worry because of debt.”

Only this week, research by Pockit – featured in The Sun and The Mirror – revealed that one in eight British people have been turned down for a bank account or debit card in the last two years.

It is, however, encouraging to see the many ways in which FinTech groups are tackling the problem.

From basic bank accounts to credit builders and loans, forward-thinking startups are helping thousands to access essential monetary services.

It is also interesting to hear how much we can learn from pioneering businesses in the developing world, where a far larger proportion of workers are without access to conventional banking.

I am more optimistic than ever that as recognition of the financial inclusion issue continues to grow, business and government can work together to develop solutions which serve the social good.

I am equally determined that Pockit will continue to lead the way in enabling everybody, regardless of personal circumstances or background, to access the fair and transparent money management tools they need.

Virraj Jatania, CEO & Co-founder at Pockit

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