Omnio’s Credit Union business Kesho, has launched Vox Money, a portfolio of financial products and services that deliver greater financial control to those in society that need it the most and that have been unable to access traditional high street banking.

Too often many of the most vulnerable people in society have been excluded from financial advice and planning simply because of their demographic or financial circumstances. In fact, over a million people in the UK do not have a bank account. As a result, these unbanked individuals pay a “poverty premium” of approximately 480 per year as they cannot access the special offers and discounts available to those who use existing banking services[1].

Vox Money will be a significant step towards reducing that exclusion and will allow individuals and families to plan their finances, make informed decisions when managing their money and give them an alternative to mainstream banking. Crucially, Vox Money’s digital bank account will be accessible to everyone, regardless of their financial history.

With no credit checks[2}, a Visa Card[3], budgeting tools, loyalty & rewards as well as 24/7 access to financial services, Vox Money’s app and website makes it easy for customers to manage their money and payments. Using secure and advanced technology to outperform existing banks, Vox Money’s offering is open to anyone over the age of 18 and ensures those people who have been ignored by high street banks or are simply looking for an alternative can have access to an online account too. Along with alternative banking solutions, the the payday loan industry is evolving as well. This means that it has become easier to provide necessary funds to those facing an immediate need for financial assistance. Through digital banking platforms, those customers that previously would face difficulty in obtaining immediate loans can also do so with ease.

By listening to, and working closely with its existing Credit Union client base Vox Money is preparing to roll out the new portfolio of services across the UK and Ireland in 2021 and the move is the beginning of a new phase of Kesho’s growth in the credit union sector as part of the Omnio Group.

In addition Kesho’s recent partnerships with organisations such as Credit Union Financial Analytics (CUFA) and Credit Kudos means those managing and monitoring Vox Money accounts on behalf of their members will have all the data and analysis they need to make informed lending decisions.

Lindsay Ward, Executive Director said: “In this digitally connected world of affordable smartphones there is simply no reason not to have access to financial services. Vox Money has been designed with simplicity, fairness, and ease of use at its core. As a proud member of the Credit Union community in the UK and Ireland, we are here to support those members of society who are entitled to effective financial planning, regardless of their background.

“A key focus for us is to provide our Credit Union partners with a range of digital solutions to empower their members & communities. Kesho has always led technology and product development in the Credit Union sector and with Vox Money we are giving a voice and real choice for those in society who need straightforward and secure personal financial management,” concluded Ward.

Adrian Cannon CEO Omnio Group said: “The launch of Vox Money is an exciting catalyst for Kesho. We have always worked closely with our credit union partners and this new range of products of services gives them a market leading platform to take their businesses even further. It will also help thousands of people get on top of their finances in ways they haven’t had before, and we are proud of that.

“2020 was a period of strategic partnerships and targeted recruitment for Kesho and the Vox Money launch is a real highlight as we prepare for the New Year. We are in now a great position to continue our sustainable growth in 2021,” concluded Cannon.