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This Founder Wants to Bring Banking to the Palm of Your Hand

Everyone doesn’t have the luxury of going to a local Bank of America to cash a check or a Chase Bank to create a savings account. In many rural communities across the U.S., there are significant hurdles to accessing banking services. Sheena Allen, a rural Mississippi-native and the founder of CapWay, wanted to bridge the gap for unbanked communities with her app. CapWay is a mobile banking service that allows users to cash checks, set up checking accounts, and send money straight from their phones. Allen knows from experience what it is like to live in a one-bank town. She attributes her life in Terry, Mississippi, a small town outside of Jackson, as the inspiration for her newest venture. “Jackson has some of the highest rates of unbanked residents in the United States,” Allen said. “I was very familiar with people not having fair or proper access to mainstream financial services and products.” It was common to see people in her community cashing checks at grocery stores and payday...

Arriana McLymore

Dec 16, 2019