According to MoCaFi, Black and Latino communities in the US have been disproportionately hurt by the loss of jobs and emergency savings during the COVID-19 pandemic. Therefore, the new mobile banking service will help address some of those specific needs.
The fintech has established partnerships with VanillaDirect to create a network of 8.000 retail stores where customers can make account deposits and with Allpoint to enable free ATM withdrawals at 55.000 locations.
MoCaFi is offering a new MoCaFi Mobility Bank Account, which includes the MoCaFi Mobility Debit Mastercard, which offers access to no-fee ATM withdrawals and various options for loading funds onto the card. The account also provides options for mobile wallet use, tap-and-go contactless payments and security features like Mastercard ID Theft Protection. The account features a number of tools for financial literacy, credit and wealth building. For example, customers can pay their rent directly through the mobile app and have that information reported to Equifax and TransUnion to help build a credit history.
MoCaFi also is partnering with a range of minority-owned businesses to give customers access to discounts on services ranging from grooming to organic home goods.
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