CapWay Banking Solution

With 160 million Americans and 3 billion people worldwide considered financially underserved, CapWay focuses on the financial health of this market by offering both services and products. CapWay’s services are all based around financial literacy. The products include pre-paid debit cards and bank-issued debit cards.

Benefits

Provide students with financial education
Enable un- and underbanked individuals to utilize financial services
Welcome individuals and communities into the cashless economy

Main Features

Learn Money financial literacy curriculum
Branchless banking service

Primary Audience

Un- and underbanked populations
Educational institutions
Low-income advocacy organizations

Learn More

This App Wants to Bring Banking to the Unbanked

Users can connect existing accounts to the app or get a pre-paid card from CapWay, which Allen says will have a lower rate than most other cards currently available. It will make custom suggestions based on an individual's spending habits, such as pointing them to a state-run program that can help renters become homeowners or telling them how to avoid overdraft fees.

Changing the Realities of the Unbanked

Lower-income people, immigrants, and young people without credit histories are some of the nearly 32.6 million American households the FDIC considers "unbanked" or "underbanked," living without adequate access to traditional financial services. Thirty-year-old Sheena Allen grew up in one such enclave, outside of Jackson, Mississippi; her hometown of Terry had cows and horses but only one small ban

Sheena Allen

Founder and CEO

CapWay

Sheena Allen

Founder and CEO

CapWay

In the end, education and understanding money along with giving them to tools to put that education to use will be the shift. You can't give people one part and not the other and expect to see a big chang

John Thompson

Chief Program Officer

Financial Health Network

John Thompson

Chief Program Officer

Financial Health Network

Apps on mobile platforms have a real opportunity for impact — not just in getting consumers access to services, but more importantly, for helping improve their outcomes when using those services