Serving the Unbanked: HOPE at CGI America
June 7th, 2012
Mid-South residents are among the most unbanked in the country. Nearly one out of five Mississippi households does not have a relationship with a traditional financial institution. Those households are relegated to conduct transactions with high cost check cashers, payday lenders, cash for title and rent to own shops. The chart below illustrates level of unbanked households in the region relative to the rest of the nation.
Embarking on strategies to connect unbanked households remains one of the most effective strategies for making the paychecks of low-income individuals go further each month and creating opportunities to develop the financial habits of saving and building wealth.
Hope Credit Union(HOPE) has a long history and track record of serving the unbanked. Over 1/3 (37%) of HOPE’s members were unbanked when they joined the credit union. This week, HOPE is part of the financial inclusion working group at the Clinton Global Initiative America (CGI America) meeting in Chicago working to promote greater economic opportunities and advance financial capabilities for underserved population.