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Banking on wheels: PNC to bring mobile services to underserved D-FW communities

Colbie Edmonds

July 21, 2022 |

Dallas Morning News |

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800-1500 Words

Response Location: United States, Dallas, Texas

PNC Bank is bringing a mobile branch to communities that don’t have sufficient access to banking. The RV-like unit is outfitted to be a functional banking service and was custom-built for this initiative. Services can be provided in English and Spanish and the goal of the mobile unit is to empower and educate users about what banking resources are available to them.

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How agency banking aids financial inclusion, reduces unemployment in Nigeria

Nurudeen Akewushola

September 08, 2021 |

Social Voices |

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1500-3000 Words

Response Location: Nigeria

An alternative to traditional banking and ATMs is gaining popularity in Nigeria. Point of Sales centers bring banking services to people in both urban and rural settings, promoting financial inclusion and accessibility. The new way of banking has helped small businesses and rural Nigerians in addition to creating many jobs for POS agents as demand has skyrocketed.

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Will This Impact Fund Save America's Music Venues?

Rebecca Greenwald

April 30, 2021 |

Next City |

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800-1500 Words

Response Location: United States, Louisville, Kentucky

The Live Venue Recovery Fund offers a path for independent music operators to purchase their venue. The fund buys the properties, and collects rent, but are limited to a 12% return rate and the contract lays out a path and timeline of operator ownership. Any additional funds are donated to the National Independent Venue Association. Eligible venues must be seen as culturally significant to the community and vulnerable to redevelopment, as well as show strong financial statements from before COVID-19. The fund forgave a year of rent to some venues hurt by the pandemic, allowing them to get back on their feet.

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College Accounts at Birth: State Efforts Raise New Hopes

Patricia Cohen

April 27, 2021 |

The New York Times |

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1500-3000 Words

Response Location: United States, Oklahoma

SEED for Oklahoma Kids is a statewide effort to help newer generations climb the educational ladder and build assets. Parents are offered $1,000 in their newborn's name and set aside in a college savings account, destined to be used for pursuing college or trade school education. The concept of the program is not unique to Oklahoma. Other states like Nebraska, Illinois, Maine, Pennsylvania, and more have implemented similar programs. "Automatic enrollment in a saving program, with the ability to opt out, turns out to have a much higher participation rate than relying on individuals to take the initiative."

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How Chinatown's Community Bank Has Survived Crisis After Crisis

Oscar Perry Abello

March 30, 2021 |

Next City |

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1500-3000 Words

Response Location: United States, New York, New York

Community banking empowers marginalized communities that are not able to secure financing for homes and businesses through traditional financing. Establishing community banks allows members of these communities to bypass structural and institutional barriers in order to invest in themselves. Abacus Bank has a long history of advocating for businesses and families in Chinatown.

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Obawole: Neglected by banks, rescued by PoS agents

Samson Akintaro

March 25, 2021 |

New Telegraph |

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1500-3000 Words

Response Location: Nigeria, Obawole, Lagos State

Agency banking and point-of-sales terminals provide financial services to Obawole, a community under-served by banks despite its proximity to Nigeria's banking center. Agents are third parties representing banks. They provide services such as accepting deposits and making withdrawals, replacing often-decrepit and unreliable ATM machines. Technical failures and distrust can mar relationships with the banking public, but the services provide a needed convenience, and create jobs as well.

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Gen Z Angels: How A Younger Generation Of Investors Is Getting In On Deals

Sophia Kunthara

March 16, 2021 |

Crunchbase News |

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800-1500 Words

Response Location: United States

Gen Z VCs supports early-career and aspiring venture capitalists who want to become angel investors. The group was founded in November 2020, after the Securities and Exchange Commission loosened the rules about who can invest in early-stage startups and allowed start-ups to raise money through crowd-funding. The group, which has grown to more than 6,000 members, moderates Slack channels where members can post deals, help make connections, and share information to demystify the world of angel investing.

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CHOP financial wellness program helps local families recoup $700K

Jessica Blatt Press

January 07, 2021 |

The Philadelphia Citizen |

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1500-3000 Words

Response Location: United States, Boston, Massachusetts

A pediatric care center in Philadelphia has partnered with a nonprofit that "helps people with tax prep and asset-building" as well as an organization that provides financial counselors to offer young patients free, on-site help with their taxes. The initiative is modeled after Boston Medical Center' StreetCred program which has "returned more than $5.3 million to more than 2,700 low-income families since 2016."

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Akron wants to help small business owners grow, but officials say they need more help from banks

Abbey Marshall

October 12, 2020 |

The Devil Strip |

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1500-3000 Words

Response Location: United States, Detroit, Michigan

Motor City Match is an entrepreneurial development initiative that provides grants for historically marginalized business owners in Detroit. It also matches minority entrepreneurs with empty retail space in addition to providing business coaching and planning services. The program depends on nontraditional lenders to provide the funding. Motor City Match inspired the formation of Rubber City Match in Akron but that program has faced financing hurdles due to a lack of nontraditional lenders in the city.

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What Kenya can teach its neighbors — and the US — about improving the lives of the "unbanked"

Kelsey Piper

September 11, 2020 |

Vox |

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Over 3000 Words

Response Location: Kenya

Mobile banking in Kenya has increased economic mobility for families living in poverty. The mobile money system is not connected to bank accounts, making it accessible to the overwhelming majority of Kenyans who don't have bank accounts but do have cell phones. Mobile banking allows deposits and withdrawals as well as transfers, and has allowed families to save money to use when their income, often from farming, takes a hit thus creating a security net for themselves and allowing them to receive funds from friends and family. Savings allow families to meet basic needs and access medical care if necessary.

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