Ex-JPMorgan Chase Exec Has A Plan To Narrow Racial Wealth Gap In Every Major U.S. City

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The great-grandson of a successful Black real estate developer who used his influence to integrate his community, fintech entrepreneur Wole Coaxum carries on his family’s dream by bringing financial services to the unbanked across America

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fter a devastating year, Christmas came early for 4,000 financially hurting residents of Honolulu. Early last December, they received personalized Mastercard debit cards emblazoned with the city’s iconic beach and high-rises and, more importantly, loaded with $500 to be used for food purchases at grocery and convenience stores.

In November, MoCaFi launched the first phase of its Angeleno card in Los Angeles, which allows the city to limit how card recipients spend the assistance money pre-loaded onto it., 13.8% of Black households and 12.2% of Hispanic households had no bank accounts in 2019, compared to just 2.5% of white households that were “unbanked.” City residents are more than twice as likely as suburban ones to have no bank accounts.

Using entrepreneurialism to tackle barriers facing the Black community is part of Coaxum’s family heritage. From his basement in New Rochelle, he proudly displays on a Zoom call a framed, black-and-white photo of his great-grandfather, Anderson Hunt Brown. In the 1920s, Brown rented real estate to Black entrepreneurs in Charleston, West Virginia, and later used his influence to integrate the local swimming pool, library and lunch counter. His son Willard L.

So he got to work creating the framework of MoCaFi, mapping out on giant Post-it notes on his basement walls his ambitious plan to integrate a digital bank into the life and services of cities. In 2016, he launched the mobile app, offering check scanning, bill payment and a Mastercard debit card, all connected to an FDIC insured bank account at Sunrise Banks .

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