A free pop-up banking event today in south L.A. aims to empower communities with the tools they need to build wealth.
MoCaFi — a financial tech firm with the mission to close racial wealth gaps and expand access to quality, low-cost banking services to underserved communities — is hosting a free event called “On Our Block” on Saturday, August 26 at Ted Watkins Memorial Park in Watts. The event is from 12 noon to 3 p.m.
Organizers say the event aims to engage residents in financial literacy and a personal pathway to build wealth. The event, in partnership with Mastercard, the Think Watts Foundation, TransUnion and SGL, will feature a keynote panel on the transition from renting to homeownership, led by MoCaFi team members and community leaders, and personal finance assesments.
MoCaFi has had “On Our Block” events in New York, Birmingham, St. Louis and Ferguson. The organization was founded by Black entrepreneur Wole Coaxum, with the goal to address social inequalities following the police shooting death of an unarmed Black teenager in Ferguson. MoCaFi was recognized by the Think Watts Foundation for its initiative to educate L.A.’s communities of color on financial literacy.
The event will include discussions on building credit, transitioning from a lease to a mortgage, and a wealth empowerment session with local entrepreneurs, executives, financial advisors and life coaches. There will be food, drinks and music by L.A. DJ Bad. The first 100 attendees with a MoCaFi bank account will get $100 deposited on-site.
According to the organization, around 30 million Black and Hispanic Americans are unbanked or underbanked, paying fees to deposit checks, access credit or borrow money.
MoCaFi has hosted past “On Our Block” pop-ups in Los Angeles, Birmingham, St. Louis, Ferguson, and New York. The organization was also recognized by the Think Watts Foundation at their 2nd annual gala for their initiative to educate communities of color on financial literacy.
Future events will be held on Sept. 9 and Oct. 14, organizers say. Visit Mocafi.com/onourblock for more details.
