Launched a banking initiative with two leading financial empowerment organizations
Today in Frankfurt, the Kentucky Financial Empowerment Commission, in conjunction with United Way of the Bluegrass, and Bank On Louisville announced the launch of the Kentucky Bank on Network (KBON). KBON is a statewide partnership committed to increasing banking and account accessibility for individuals and businesses across the Commonwealth. The Federal Deposit Insurance Corporation’s How America Banks survey found that nearly eight percent of Kentuckians are unbanked, which is higher than the national average of six percent.
“I am delighted to bring the Bank On Network to the Commonwealth. Having a banking relationship is the fundamental first step for many people and businesses on their journey to financial empowerment,” said Matt Frey, Executive Director of KFEC. “Thanks At the Bank On network, organizations and financial institutions have a great opportunity to improve their communities.”
KBON members include organizations committed to increasing access to accounts in Kentucky. Partners will be able to learn from each other to grow Bank On throughout Kentucky. Most importantly, KBON will increase account access for those who need it.
“United Way of the Bluegrass (UWBG) recognizes that increased access to safe and affordable traditional banking services will help reduce the need for Kentuckians to use alternative financial services, such as payday loans, which normally result in fees that cost the average unbanked person about $5 per cent of their lifetime income. Eli Yussuf, director of grants and advocacy at United Way of the Bluegrass, said. “It’s income that can used for savings or essential expenses.Through Bank On, UWBG leverages its partnerships with nonprofits, financial institutions, and local governments to ensure fewer Kentuckians spend their hard-earned money on unnecessary costs.
“Access to banking services is the cornerstone of financial empowerment and economic mobility opportunities for residents,” said Bank On Louisville Co-Chair Erin Waddell. achieve financial stability and create wealth.
To learn more about the Kentucky Bank On Network, click here.
About the Kentucky Financial Empowerment Commission
The KFEC promotes financial empowerment for all Kentuckians. The commission targets six focus groups: Kentuckians with disabilities, aging Kentuckians, state employees, low-income families, students, veterans and military personnel. You can learn more about the Kentucky Financial Empowerment Commission at KYFEC.org.
About United Way of the Bluegrass (UWBG)
UWBG expands access to programs that provide educational, financial, and basic resources to Central Kentucky residents, maximizing the impact of these programs on the communities they serve. In fiscal year 2020-21 (July 1 to June 30), UWBG funded 81 programs administered by 61 nonprofit partner agencies, which collectively served more than 120,000 people. These programs provided a wide range of essential services, from childcare and after-school tutoring, to job placement, financial assistance and meal distribution. The UWBG also runs in-house programs that provide a range of services, from free tax preparation assistance (CKEEP) to a 24/7 (2- 1-1). Our grantmaking goal is to strengthen the family unit holistically, supporting an ecosystem of programs that collectively address the immediate and long-term needs of families. Visit uwbg.org for more information.
About Bank On Louisville
Launched in 2010, Bank On Louisville is a collaborative partnership of local government, financial institutions, and community organizations working to improve the financial stability of unbanked and underbanked residents of our Louisville community. To date, Bank On Louisville has helped over 47,000 residents access safe and affordable bank accounts and connected over 25,500 residents with quality financial education. Visit www.bankonlouisville.org for more information.