The Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account as a first step in promoting Financial Inclusion. A pilot project for a Basic Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the Pilot, which the Financial Inclusion Working Group (FIWG) felt was disappointing.
The Report of the Working Group on the Pilot project noted a number of reasons for this, including the view of stakeholders that one of the key elements required for a successful national roll-out of a Standard Bank Account is greater involvement by An Post and the credit unions. My Department is currently exploring with the relevant stakeholders how to make progress on this issue.