Mobility Capital Finance Inc. [MoCaFi], a Harlem and Newark-based fintech, introduced the launch of its upgraded cellular banking platform, which the corporate mentioned is designed to assist deal with historic inequalities in communities of shade relating to entry to monetary companies.
MoCaFi officers mentioned Black and Latino communities within the U.S. have been disproportionately damage by the lack of jobs and emergency financial savings in the course of the COVID-19 pandemic, and mentioned the brand new cellular banking service will assist deal with a few of these particular wants.
“MoCaFi is reimaging banking and turning native retail places into new bank places the place individuals can add cash, withdraw cash into their bank accounts at no cost,” Wole Coaxu, founder and CEO of MoCaFi, instructed Cell Funds Right this moment by way of e mail.
The fintech has established partnerships with VanillaDirect to create a community of 80,000 retail shops the place clients could make account deposits and with Allpoint to allow free ATM withdrawals at 55,000 places.
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 supplies choices for cellular pockets use, tap-and-go contactless funds and superior safety features like Mastercard ID Theft Safety.
The Mastercard is issued by Dawn Banks N.A. via a license with Mastercard Worldwide, and can be utilized anyplace on the Mastercard community.
The account options quite a lot of instruments for monetary literacy, credit score and wealth constructing. For instance, clients will pay their hire instantly via the cellular app and have that info 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 provide clients entry to reductions on companies starting from grooming to natural dwelling items.
