MoCaFi to Launch Revolutionary Banking Platform Targeting Communities Impacted by Economic Shifts
African American owned fintech has updated banking services and introduced the MoCaFi Mobility Debit Mastercard to benefit the financial needs of Americans facing unemployment or other challenges following the coronavirus pandemic
MoCaFi, 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.
“MoCaFi is revolutionizing financial services for communities of color in the United States,” said Wole Coaxum, Founder, and CEO. “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.1 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.”
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The new MoCaFi Mobility Bank Account comes with the MoCaFi Mobility Debit Mastercard which provides access to no charge ATM withdrawals2 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.”
The MoCaFi Debit Card is issued by Sunrise Banks N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated and may be used everywhere Debit Mastercard is accepted. MoCaFi’s other program pillars involve financial literacy, credit, and wealth-building tools through homeownership and entrepreneurship.3 The credit building feature allows users to pay rent from funds on their MoCaFi Mobility Bank Account and opt-in to have those payments reported to Equifax and TransUnion as a tool for building their credit score.4
“Mobility Capital Finance is a standout partner for both the Equifax Foundation and to our commercial teams who are focused on helping consumers live their financial best,” added David Stiffler, President, Equifax Foundation and CSR Leader. “The Great Awakening to our country’s historic dispossession and disenfranchisement of an entire population of people needs to be met with scalable, sustainable and just solutions. MoCaFi offers all of that and more!”
MoCaFi also partners with minority-owned businesses to offer MoCaFi account holders discounts on everything from grooming to organic home goods.5 The goal is to drive spending power to the most vulnerable, yet most impactful businesses serving communities.
“MoCaFi is disrupting a space and is taking it SO many steps further than just banking,” said Will Roundtree, Investor and Credit Strategist. “I am proud to be able to say that I get to partner with someone whose vision for communities is being actively made possible by Wole’s [Coaxum] genius in this space.”
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.