Community Reinvestment

MoCaFi Launches Banking Platform Targeting Communities Impacted By Economic Shifts

Designed To Address Financial Inequality In Historically Disenfranchised Communities

Keith Griffin

July 29, 2020

Wole Coaxum MoCaFi

MoCaFi [Mobility Capital Finance, Inc.], a Harlem and Newark-based African American owned fintech, announces the launch of its upgraded banking platform with features and services designed to address financial inequality in Black, Hispanic, and historically disenfranchised communities.

Wole Coaxum, funder, and CEO, said, "While the nation has not had a chance to fully assess the economic impact of the pandemic, we do know that many Americans, especially those in communities of color, have experienced job loss and depletion of emergency resources and savings. As the nation tries to reestablish itself, many of those affected by the economic shift will have to re-examine the ways in which their financial needs are met.

“We already know that Blacks and Hispanics spend at least 50% more on banking services than their white counterparts. This is not acceptable. MoCaFi is addressing structural failures in our financial system by reimagining services that ensure that all Americans have access to safe,secure, affordable, and convenient products and services."

The new MoCaFi Mobility Bank Account comes with the MoCaFiMobility Debit Mastercard which provides access to no charge ATM withdrawals and options on how to load funds, in addition to Tap & Go contactless payments, mobile wallet functionality, and advanced security features such as Mastercard ID theft protection.

"MoCaFi and Mastercard share a commitment of supporting financially vulnerable populations by bringing them into the digital economy," said Jess Turner, executive vice president of products and innovation, North America at Mastercard. "Through the Mastercard Accelerate program, we've been working with MoCaFi to help democratize access to safe, secure digital payments, and their new mobile platform is one step towards tackling the systemic issues of inequality exacerbated by the pandemic."

MoCaFi also partners with minority-owned businesses to offer MoCaFi account holders discounts on everything from grooming to organic homegoods. The goal is to drive spending power to the most vulnerable, yet most impactful businesses serving communities.

In July, MoCaFi began supporting the City of Newark by providing banking services for participants in their Summer Youth Employment Program, allowing them to take advantage of the direct deposit checking account and the credit building program.

Mobility Capital Finance, Inc. (MoCaFi) is an African American owned fintech serving Americans who exist in the economic margins as unbanked or underbanked. MoCaFi is addressing the market failure in the banking industry by reimagining financial services for individuals to ensure that all Americans have access to safe, secure, and affordable financial products and services.

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