April 23rd 2024.
Wole Coaxum, a former banking executive, was working for one of the largest financial institutions in the world when he realized the need for change. He saw that while many were fighting for social justice, economic justice was often left out of the conversation. This inspired Coaxum to leave the corporate world behind and start Mobility Capital Finance (MoCaFi), a fintech company based in New York. Their goal? To serve those who have little to no access to traditional banking services.
MoCaFi's program allows individuals receiving a universal basic income (UBI) or guaranteed basic income (GBI) to not only receive financial coaching and resources, but also to have access to an FDIC-insured bank account. This eliminates the need for customers to operate solely in cash or rely on check cashing services. Coaxum was particularly moved by the social justice movements in the Black community and wanted to create a pathway for economic equality in marginalized populations.
He explains, "Martin Luther King, Jr. spoke about universal basic income and guaranteed basic income shortly before his passing. As a company, we feel fortunate to be able to bring these powerful ideas into the marketplace and continue the fight for economic justice." MoCaFi officially opened in 2014, following the tragic killing of Michael Brown by police in Ferguson, Missouri. Since then, they have launched UBIs and GBIs in several cities across the country, including Los Angeles, Atlanta, and San Francisco. These efforts are supported by organizations like MGI (Mayors for a Guaranteed Income), a network of mayors advocating for guaranteed income for all Americans.
Coaxum shares, "We are finding that what we're doing is resonating with cities and counties. They see the value in providing economic support for their residents." One mayor who understands this need is Eric Adams of New York City. In February 2024, the city partnered with MoCaFi for a pilot program to provide asylum seekers with prepaid debit cards. While there has been some opposition to the plan, including from rapper 50 Cent, Coaxum and his team are focused on helping 500 families with children access essential goods from bodegas, supermarkets, and convenience stores.
In a statement, Coaxum expresses his gratitude for the partnership, saying, "It is an honor to be able to provide support for those who are beginning to plant roots in the U.S." City Hall officials also see the benefits of this program, describing it as a "more cost-effective technology pilot program" compared to the current system, which saves the city millions of dollars each year.
Despite facing opposition from leaders in some states, MoCaFi remains committed to their mission of providing economic stability for all. Coaxum emphasizes, "We are not about political affiliation, we are about finding solutions for everyone. Our disbursement platform and demand deposit account allow us to serve undocumented individuals and those with low credit scores. Now, they have a pathway to economic stability."
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