Several large banks have agreed to financially support the charity, which arranges banking services for those who can't get an account.
Since 2020, Guernsey Community Savings has helped around 200 islanders who had been denied access to banking services due to addiction, prison or other circumstances.
Without a bank account and debit card in the 21st century, it is hard to find employment, secure accommodation and make online or even in-person purchases, as society becomes increasingly cashless.
Recognising the importance of the GCS scheme - to allow more people to re-enter society - HSBC, Lloyds, RBS International, and NatWest International have signed an agreement that will provide ongoing funding.
Founder and Chair of GCS, Peter Neville says this is a significant step in addressing financial exclusion in Guernsey.
"The backing of Guernsey's leading banks is an exciting and positive development for GCS and, most importantly, for those vulnerable members of our society who we serve.
"This support will empower us to extend our reach and positively impact the lives of many islanders who struggle to access traditional banking services."
Negotiations were led by the States of Guernsey which acted as a neutral third party.
Finance Sector Lead for the Economic Development Committee Deputy Nick Moakes says collaboration has been key.
"This is a great example of how government, business and the third sector can work together.
"In this case, it will help people who do not have access to essential banking services that most of us take for granted.
"I would like to take this opportunity to thank the banks for coming together to support this important local initiative.”
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