The National Bankers Community Alliance, the nonprofit arm of the National Bankers Association, today launched a financial wellness program to help minority communities close the racial wealth gap. Partnering with the HBCU Community Development Action Coalition, creators of the Our Money Matters initiative, 13 of the NBA’s member minority depository institutions will participate in the pilot of NBCA Powered by Our Money Matters. The partnership was made possible by a $500,000 grant from the Wells Fargo Foundation.
Pilot participants will create a customized financial wellness website, issue user calls to action and reward consumers for changed financial behaviors. Our Money Matters is a financial wellness hub and digital platform originally developed to equip HBCU and minority-serving institution students and community residents with the skills to achieve financial freedom. The program also targets Generation Z, people in the 18-25 age range who primarily use mobile banking and money transfer fintech applications over building relationships with community bankers.
The American Bankers Association has a strategic partnership with the NBA to promote the well-being of minority depository institutions. Building on the existing membership overlap among ABA and NBA members, the partnership is designed to enhance collaboration on policy issues, expand NBA member access to ABA training and events and deepen participation in the Treasury Department’s Minority Depository Institutions Program.