FRANKFURT, Ky. — 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. “Bank On is the catalyst for bringing more residents into the financial mainstream and KBON is creating a coordinated effort to help Kentuckians achieve financial stability and build wealth.”
To learn more about the Kentucky Bank On Network, click here.
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