BNY Mellon, America’s oldest bank with a rich history dating back to 1784, and MoCaFi, an impactful FinTech platform established to empower traditionally underserved communities, have forged a strategic alliance aimed at enhancing financial inclusivity across the U.S.
The collaboration seeks to extend digital payment options to the unbanked and underbanked communities in the U.S., thereby supporting financial empowerment and inclusion. This partnership is part of BNY Mellon’s wider commitment to connect these communities to high-quality financial services.
BNY Mellon, the first company to be listed on the New York Stock Exchange, delivers comprehensive solutions that assist clients in managing and servicing their financial assets throughout the investment lifecycle. As of March 2023, it had $46.6trn in assets under custody and/or administration, and $1.9trn in assets under management.
MoCaFi, on the other hand, aims to build wealth in excluded communities by improving access to public, private, and social capital. The FinTech’s platform collaborates with governments and institutions to offer cash assistance, mobile banking, and financial programming to individuals and families. To date, MoCaFi has disbursed over $100m to underserved communities across 15 U.S. cities and counties.
The strategic alliance will enable BNY Mellon’s Treasury Services business to provide digital disbursement payment services to federal, state, and local governments, as well as corporate clients, through MoCaFi’s platform. These services include seamless distribution of payments and disbursements like disaster relief financial aid and employee payroll to individuals who lack access to traditional financial services.
The partnership will also give unbanked and underbanked individuals the chance to access basic banking services like an FDIC-insured account, a debit card, and credit reporting capabilities via the MoCaFi platform.
BNY Mellon Treasury Services CEO Jennifer Barker stated, “Through our commitment to innovation, we met this challenge head on and are thrilled to join forces with a fintech doing outstanding, tangible work in our communities.”
MoCaFi’s CEO and Founder, Wole Coaxum, echoed these sentiments, saying, “Access to modern banking services is one of the best approaches to making our economy more inclusive, and by working with BNY Mellon we are helping to provide opportunities to as many people as possible.”
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