A 29-year-old app developer identified as Sheena Allen resolves to proffer a solution to the unbanked and underbanked at a small town, located 17-miles south of Jackson in the United States.
Allen until 2015 didn’t know how people struggle to cash out and deposit amongst other transactions until she came home for holiday.
To Allen’s shock, people who rely solely on non-traditional banking lose money on interest and fees for cashing checks, reloading prepaid cards, and borrowing and lending money.
The difficulty without a bank account ranged from having difficulty establishing credit scores, buying homes, and saving for the future.
Just a year after conceiving the idea during a holiday, Allen with the establishment of CapWay, an online banking, and financial literacy app, seeks to help the unbanked, underbanked and people living paycheck to paycheck.
“I know this problem from a personal point of view, from my family and friends, but I didn’t know this problem from outside of Mississippi,” says, Allen, who spent a year traveling around the US researching the issue.
Though, still in the testing phase but 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.
The app will first roll out to iOS, Android and mobile web users in Mississippi, which has the highest population of unbanked and underbanked residents.
As it launches nationally later this year, CapWay aims at changing banking habits of the millennials and transition them into proper banking.