MOCAFI’s Vision for Financial Justice: Wole Coaxum on Empowering Underbanked Communities

Financial Forward

In this episode of Financial Forward, we explore the transformative efforts of Wole Coaxum, founder of Mobility Capital Finance (MOCAFI), in tackling financial exclusion among underbanked and unbanked Americans. Motivated by events like Ferguson, Missouri, Coaxum embarked on a mission to create a digital banking platform that champions economic equity and fights racial wealth disparity.
We discuss innovative solutions like municipal ID cards, the evolving role of technology in banking, and the support provided to asylum seekers in New York. The episode covers partnerships with values-driven banks, overcoming regulatory challenges, and promoting community education and small business support. With insights into fintech-bank collaborations and ethical business practices, this conversation underscores the push towards a more inclusive and equitable financial system.
00:00 Introduction to Wole Coaxum and MOCAFI
01:59 Wole Coaxum's Early Career and Motivation
07:20 The Birth of MOCAFI and Its Mission
11:41 Challenges and Innovations in Serving the Underbanked
21:21 MOCAFI's Strategic Partnerships and Community Impact
26:31 Future Plans and Expansion Strategies
30:33 Addressing Fraud and Disputes in Financial Services
33:57 The Role of Sunrise Bank in Our Operations
36:46 Challenges and Opportunities in Small Business Lending
38:56 Scaling and Expanding Our Services
41:54 The Importance of Compliance and Consumer Protection
48:17 Reflections on Leaving JPMorgan Chase
50:43 Envisioning Ethical Financial Services
52:55 Closing Remarks and Future Outlook

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LinkedIn: https://www.linkedin.com/in/mccarthyhatch/
https://www.mccarthy-hatch.com/
Podcast is managed and produced by MicMoguls