Des Browne confirmed that the money would be used to support those who need it most, as part of a new Financial Inclusion Taskforce campaign.
He said he was “delighted” to be able to offer the funds that would be supplied by “trusted organisations”.
In the future, the campaign will extend to raising awareness among excluded people, to show them the benefits of financial inclusion and banking products in general.
Training and skills will also be offered by experts in order to help people access various financial services.
Commenting on the new funding, David Mond, CEO of debt troubleshooters ClearDebt, said: “Whilst the socially excluded deserve access to affordable borrowing, this must go hand-in-hand with training.
“There is no condescension in this: We believe financial awareness is often lacking amongst people of all backgrounds and especially amongst younger people making it much more likely that, once tasted, a credit habit may be difficult to stop.”