With the general election just weeks away, Tynah Matembe – money expert, Edinburgh based entrepreneur, and founder of MoneyMatiX – has criticised the government’s track record on financial inclusion. She has also highlighted the fact that the main parties are not discussing the issue and ignoring what Matembe calls “financial apartheid” in the UK.
Financial inclusion – but only if you’re white
‘Financial Inclusion’ means ensuring that everyone, regardless of their differences, has access to affordable, convenient, and appropriate financial services such as bank accounts, loans, insurance, and investment opportunities. It aims to eliminate the barriers that prevent marginalised groups from fully participating in the economy.
Matembe has called on whoever takes ‘the keys to Number 10’ to finally prioritise financial inclusion for all segments of society, as millions of people continue being left behind and significant injustices and disparities in financial wellness persist, particularly for Black and brown people.
She believes it is time for radical measures that tangibly involve Black and brown in critical discussions to prioritise dismantling the staggering disparities that plague the UK’s financial system in a crucial bid to safeguard fair and stable economic growth for the UK.
For example, as MoneyMatiX noted on its website, Matembe says:
According to a 2021 study by the Financial Conduct Authority (FCA), 60% of Black adults in the UK feel financially excluded, compared to 37% of white adults. I have personally experienced fundamental racism from financial institutions and anchor organisations both as a person of colour and as a black founder.
Addressing the reason why she thinks the issue is not part of the election narrative Matembe said:
Politicians might think that financial inclusion is already being adequately addressed through existing policies and programs, or that it is an issue being handled by financial institutions and regulatory bodies rather than needing direct political intervention –unfortunately this is not the reality for people of colour.
A manifesto for change
Now, she has published her own manifesto for change, commenting:
We have suffered ridicule, oppression, and systematic denial of financial opportunities for too long in an untenable, degrading structure designed to enslave and maintain an oppressive class structure which leaves people of colour at the bottom of society, similar to colonial Britain.
Matembe added:
I have prepared this manifesto simply because all the main parties are ignoring the issue of financial inclusion. Through this manifesto, I hope to expose the shocking realities of financial exclusion. As a first-generation migrant, I am writing from first-hand experience, and I will continue to speak out until my message is heard. Hopefully the new parliament adopts some of my practical solutions to ensure everyone in the UK can access essential financial services.
Financial exclusion is a crisis affecting millions of people, locking them out of the financial systems that should support them. This exclusion perpetuates cycles of poverty, limits economic growth, and destabilises communities. Matembe added:
Simply put, we are not accounted for, and there is no real appetite to account for us. We go unseen, set aside by almost every player’s inherent bias as poor, needy, and unable.
Matembe’s manifesto combines unique education, signposting, tailored curated products, and services to address the intersecting issues causing poverty and financial exclusion. For example, recent statistics show that around 1.1 million UK adults are classed as “unbanked” – that is, without a bank account.
However, there are racialised disparities. For example, in 2022 10% of Muslim people had no bank account. Around 6% of people of Asian heritage had no bank account. Both of these are compared to 1.7% of white people. Plus, around 7% of chronically ill, disabled, and non-working people did not have a bank account in 2022.
Ending the UK’s ‘financial apartheid’
Matembe said:
Now is the time to drive forward the financial inclusion agenda. The election provides a unique opportunity to implement targeted policies and practical initiatives that involve strategic partnerships, deeply embedded in the communities they seek to serve. It is imperative that both the community and thought leaders like us, are an integral part of this process, ensuring that initiatives are grounded in real-world needs and expert insights. Political parties vying for power must demonstrate a solid commitment to making financial inclusion a cornerstone of their policy agenda.
Financial inclusion is a fundamental human right that must be a major election issue in dealing with Britain’s economic challenges. Implementing focused policies, infrastructure investment, and financial literacy promotion is not a luxury but a must.
This manifesto is a rallying cry for justice, equality, and economic prosperity. It is a call for radical change. The financial exclusion of people of colour is a stain on our society and a massive economic blunder. The time for empty promises and superficial changes is over. We demand genuine, impactful actions to dismantle the financial apartheid and pave the way for a truly inclusive economy.
Her final message to whatever party wins the general election is:
The ball is in your court. Engage with us, listen to us, and take decisive action. The future of our nation’s economic health depends on it. Together, we can dismantle the hidden financial apartheid and build a fairer, stronger UK.
You can read the full manifesto here.
Featured image via Envato Elements
