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Wells Fargo Aims To Alleviate Financial Barriers For The BIPOC Community, And Black-Led Fintech Startup MoCaFi Is Helping To Make It A Reality

A Black dollar is a powerful tool. From the popularity of fashion items in culture to the work to overcome systemic barriers, the Black community works in various ways to build, accumulate, and maintain wealth. But in the words of Langston Hughes, “Life for me ain’t been no crystal stair.” Black people have not always had the luxury or ease of access to the tools and resources necessary to build wealth. Because of the historical and present systems that impact the ability to build wealth, there is a lack of trust in traditional banking systems. This lack of confidence has caused many Black people to be considered “unbanked,” ultimately leading to a significant disparity in financial equity. The folks at Wells Fargo have taken particular notice of this disparity. As a part of its Banking Inclusion Initiative, the bank partnered with Black-led fintech startup MoCaFi to help alleviate the financial barriers for BIPOC community members. AfroTech had the opportunity to speak with the CEO...

Josh Rodgers

Aug 24, 2022