In response to MoCaFi, Black and Latino communities within the US have been disproportionately damage by the lack of jobs and emergency financial savings in the course of the COVID-19 pandemic. Due to this fact, the brand new cell banking service will assist tackle a few of these particular wants.
The fintech has established partnerships with VanillaDirect to create a community of 8.000 retail shops the place prospects could make account deposits and with Allpoint to allow free ATM withdrawals at 55.000 areas.
MoCaFi is providing a brand new MoCaFi Mobility Bank Account, which incorporates the MoCaFi Mobility Debit Mastercard, which presents entry to no-fee ATM withdrawals and varied choices for loading funds onto the cardboard. The account additionally gives choices for cell pockets use, tap-and-go contactless funds and security measures like Mastercard ID Theft Safety. The account options a variety of instruments for monetary literacy, credit score and wealth constructing. For instance, prospects will pay their hire straight by way of the cell app and have that data reported to Equifax and TransUnion to assist construct a credit score historical past.
MoCaFi is also partnering with a spread of minority-owned companies to present prospects entry to reductions on providers starting from grooming to natural residence items.