13th June 2024

Better business. Better community

Business Industry and Financial

MoCaFi wants to bring financial services to underbanked communities

The creators of the New York City-based financial technology platform MoCaFi (https://mocafi.com/) joined with representatives of the Bank of New York Mellon to ring the New York Stock Exchange (NYSE) closing bell on June 9.

Ringing the NYSE bell on the trading floor heralded MoCaFi’s new call for people of color looking to get their finances in order. 

Wole Coaxum, founder of MoCaFi, told the Amsterdam News in an exclusive interview that his company’s goal is to help broaden access to the financial services industry for the underbanked, and to create better, more attentive banking services for those who feel underappreciated by the financial service companies they currently bank with.

Coaxum created MoCaFi in 2016 after spending more than 20 years in the financial services industry. He had worked with Citigroup, Willis Financial, and JPMorgan Chase, but after the police killing of 18-year-old Michael Brown in Ferguson, Missouri, in 2014, Coaxum said he had a rethink about the direction his working life was taking.

“The financial services industry is a terrific industry to create change and economic prosperity for people, but it’s not doing it for all communities,” Coaxum said, declaring that he has real concerns about how economic and social justice issues are being handled by most financial institutions. “I wanted to use my time and my talents to create an economic justice agenda that can help the Black community move forward and address issues such as wealth inequality…I wanted to create a business that’s a sustainable business model for closing the wealth gap.”

In 2016, Coaxum created MoCaFi—Mobility Capital Finance, Inc.—as a digital banking