Many of us take for granted that we can transfer funds electronically, deposit a check in person, send money to a family member through an app, or purchase items online. But all of these conveniences have something in common – they require a bank account. Surprisingly, in the year 2020, banks in rural areas across the nation are so scarce that many people have no access to one. Enter Sheena Allen, an intrepid young woman from rural Terry, Mississippi who knows firsthand the disenfranchisement and inconvenience of not having a bank account. She founded the company CapWay to meet the needs of these under-served communities. Soon rural residents throughout the country will be able to use their mobile phones to set up checking accounts, send and receive money, and cash checks.
Allen’s company is approved by the FDIC, and with no overdraft charges and a debit card forthcoming, it’s proving popular. A Blacknificent LIfe! salute to Allen for sharing the fruits of her education with the folks back home and their counterparts nationwide! To learn more about this valuable resource, click below.