Latest news with #financialaccess
Fast Company
20-05-2025
- Business
- Fast Company
What the 'Trump effect' teaches us about crypto hype
The last six months have been a strange, exhilarating time for crypto. First, there was the so-called 'Trump effect'—a surge in crypto prices and on-chain activity triggered by the then president-elect's vocal support of crypto. Then came the viral 'Hawk Tuah' meme, which somehow alchemized into a crypto memecoin that rocketed in value, pulled headlines, and emptied wallets in equal measure. For many first-time crypto users, these moments were their gateway into the blockchain. Wallets were downloaded. Tokens were swapped. Twitter (now X) feeds were flooded with strange new lingo: HODL, degen, DYOR. It was a wild ride. For most newcomers, the experience probably felt like trying to join a conversation in a foreign language while riding a rollercoaster. As the leader of a nonprofit dedicated to educating everyday Americans about crypto, I welcome this influx of interest. Crypto, at its best, can democratize financial access, create transparency, and offer new tools for digital empowerment. But hype cycles also bring risk: not just of financial loss, but of alienation and misunderstanding. It's time we decouple the signal from the noise. Crypto isn't just for bros—and it never was Let's start by busting one of crypto's most persistent stereotypes: that it's just for young, wealthy finance bros chasing dreams of Lamborghini sports cars (aka 'Lambos') and going 'to the moon.' Sure, that subculture exists—just like it does in day trading and sports betting. But crypto's roots are far more diverse. Earlier this year, we conducted one of the largest-ever studies of crypto holders in America. We found that almost one third (31%) are women, and more are over the age of 55 (15%) than under 25 (11%). Nearly as many crypto users work in construction (12%) as do in technology (14%)—far more than those working in finance (7%)—and many do not belong to higher income brackets, with roughly a quarter (26%) of crypto-owning households earning less than $75,000/year. The stereotype is outdated and, frankly, dangerous. It discourages thoughtful newcomers from participating and lets bad actors hide behind a smokescreen of memes and cartoonish masculinity. The future of crypto will be shaped by everyday Americans, not caricatures. Decode the lingo, stay for the mission Don't let the lingo intimidate you. You don't need to speak 'crypto' fluently to participate—just like you don't need to know what 'https' means to send an email. But to new users feeling overwhelmed by the language of crypto, here's a quick translation guide to get started: HODL: Originally a typo for 'hold,' it means holding on to your crypto for dear life and resisting the urge to sell in volatile markets. It's become a philosophy for long-term belief in a project's value. Degen: Short for 'degenerate,' it describes high-risk traders chasing fast gains in often unvetted projects. It's part joke, part warning. Memecoin: A token built around a joke or cultural moment like Dogecoin or the recent Hawk Tuah coin. Some are created in jest, others are tapping into legitimate community-driven goals. Think of these as digital collectibles, like Pokemon cards. Tips for crypto newbies Start small, stay curious: The best way to learn is by doing. Treat your first crypto transaction like your first gym session—you're here to learn the ropes, not break a record. Use reputable platforms: Avoid buying coins just because they're trending on TikTok. Stick to exchanges and wallets with strong reputations, transparent policies, and educational resources. Do your own research: Known as 'DYOR' in the crypto world, do your own research and lean on trusted sources. Unfortunately like any industry, there is risk of scams or fraud with crypto. Rule of thumb: If something seems too good to be true, it probably is. Beyond the buzz Crypto's potential isn't defined by celebrity endorsements or trending memes. It lies in what happens beyond the hype: freedom to exchange value directly, without back-office delays or middlemen taking control. Transparent governance and extra layers of privacy. True ownership and accessibility of your digital identity and assets. Regardless of what piqued your interest in crypto or when, welcome. You're right on time. The memes may fade, but crypto's promise is here to stay.
Entrepreneur
18-05-2025
- Business
- Entrepreneur
MIT Alumna Launches Low-Interest Student Loan Program in Pakistan
MIT Alumna Launches Low-Interest Student Loan Program in Pakistan A new financial initiative is changing the landscape of higher education access in Pakistan. EduFi, founded by MIT alumna Aleena Nadeem,... This story originally appeared on Calendar MIT Alumna Launches Low-Interest Student Loan Program in Pakistan A new financial initiative is changing the landscape of higher education access in Pakistan. EduFi, founded by MIT alumna Aleena Nadeem, has introduced a program offering low-interest student loans to Pakistani families, addressing one of the key barriers to college attendance in the country. The program aims to increase college enrollment rates in Pakistan by making higher education financially accessible to a broader segment of the population. With rising tuition costs and limited government funding for education, many qualified students have been unable to pursue university degrees due to financial constraints. Expanding Educational Access Pakistan's higher education system has faced significant challenges in recent years. Despite having a large youth population, college attendance rates remain relatively low compared to neighboring countries. Financial barriers represent one of the primary obstacles preventing qualified students from pursuing higher education. EduFi's model focuses on providing affordable financing options specifically designed for the Pakistani market. Unlike traditional banks that may require substantial collateral or charge high interest rates, EduFi offers terms that make repayment manageable for families across various income levels. Nadeem's background as an MIT graduate brings technical expertise and global perspective to the venture. Her education at one of the world's premier technical institutions has informed EduFi's data-driven approach to loan assessment and distribution. Financial Innovation for Educational Impact The program utilizes alternative credit assessment methods to evaluate loan applications, looking beyond traditional credit scores which many Pakistani families lack. This approach allows EduFi to serve populations typically excluded from formal financial services. Key features of EduFi's loan program include: Interest rates significantly below market average Flexible repayment schedules aligned with post-graduation employment No requirement for substantial collateral Digital application process to serve remote areas Early data suggests the program is having a positive impact. Families who have accessed EduFi loans report that without this financing option, their children would have been unable to attend university despite having the academic qualifications to succeed. Addressing a Critical Need Education experts note that Pakistan's economic development depends heavily on increasing its skilled workforce through higher education. The country faces a significant 'brain drain' as talented students who can afford international education often leave the country for opportunities abroad. By making local education more accessible, EduFi may help retain talent within Pakistan's borders while strengthening domestic institutions. The program also addresses gender disparities in higher education, as financial constraints often disproportionately affect female students. 'When families have limited resources, they typically prioritize sons' education over daughters',' explains a local education advocate. 'Programs like this help families send all their qualified children to college regardless of gender.' The initiative represents part of a growing trend of social enterprises applying business models to address educational challenges in developing economies. By creating sustainable financial solutions rather than relying solely on philanthropy, these approaches aim for long-term impact. As EduFi continues to expand its operations across Pakistan, the program may serve as a model for similar initiatives in other countries facing comparable challenges with higher education access. The intersection of financial technology and education presents promising opportunities for increasing college attendance rates globally. The post MIT Alumna Launches Low-Interest Student Loan Program in Pakistan appeared first on Calendar.
Telegraph
11-05-2025
- Business
- Telegraph
The bank ‘vanity project' loved by Reeves but causing chaos for customers
If you live outside a major city, you may well be marooned in a 'banking desert'. Decades of branch closures and a shift to online banking means that popping into town to cash a cheque or print a statement is, for many, a thing of the past. The proposed solution – conceived under the Tories and now championed by Labour – is banking hubs. Banking hubs are shared spaces funded collectively by Britain's biggest high street banks – including Barclays, Lloyds, NatWest and HSBC – and run by Post Office staff. They are typically open Monday to Friday, with representatives from each bank dropping in once a week on rotation. Rachel Reeves, the Chancellor, is a fan. In December, she opened the country's 100th in Darwen, Lancashire and has pledged to deliver 350 by 2029. But are these 1,000-sq ft hubs really the solution to the country's banking access crisis? Critics point out that they can often only facilitate basic transactions, with many lacking printers and ATMs. What's more, around 16,000 bank branches have closed their doors since the 1980s yet just 156 hubs have been installed to replace them. Details of the scheme's funding are kept under wraps, with banks handing over undisclosed amounts of cash whenever organisers request it. It is little wonder campaigners labelled the banking hub drive a 'vanity project' designed only so politicians can 'pat each other on the back'. 'Woefully inadequate' The number of bank branches has collapsed from more than 21,000 in 1986 to fewer than 5,000 in 2025, data from the British Banking Association shows. More than 6,300 of these closures have occurred in the last decade. Some 33 of the UK's 650 constituencies had no bank branches at the end of last year. The big banks say they are cutting branches in response to lower demand for in-person banking. This is almost certainly true. Even so, the closures have hit a vulnerable minority of customers who tend to be older, less technologically savvy and more likely to rely on cash. There are now 156 hubs dotted across the country, from Acton, West London to Yeadon, West Yorkshire. Another 80 will open this year. But progress has been slow as the rollout has been plagued by delays. The hubs need to be accessible to disabled customers, and have a safe, meaning not every available space is suitable. Martin Quinn, campaign director of Campaign for Cash, told Telegraph Money that the hubs were a 'great idea in theory' but the 350-hub target is 'woefully inadequate'. He said: 'If we've lost nearly 6,300 [branches] in the last decade, how the hell is 350 going to plug the gap? This is really a drop in the ocean. If the banking industry were really serious they would be rolling out 10 a week.' He added: 'Everyone's patting each other on the back, politicians included. But [banking hubs] are a sticking plaster. They need to be turbo-charged.' Analysis by the Payment Choice Alliance campaign group found that most of the 7,000 communities with populations of less than 35,000 will be without an ATM or bank branch by the end of this year. All of those communities require at least one 24/7 ATM while those with between 5,000 and 35,000 people – roughly 1,200 – merit a banking hub, the group said. Lack of facilities Campaigners point out that the facilities available at the hubs are too limited. The shared spaces have a private room where customers can discuss sensitive details on the days that the 'community banker' from their bank is in. Otherwise they are limited to basic operations like balance enquiries, paying in money and changing their Pin. Many hubs have no printers installed, leaving customers unable to get paper statements which may be asked for by employers or landlords. And crucially, the hubs do not have ATMs embedded in the external or internal walls as in traditional high street branches. Some customers have complained that the facilities on offer at banking hubs are either lacking or unpredictable. Customer John Marsh of Sheringham, Norfolk, wrote in to The Telegraph last week: 'I was told that I couldn't pay in cash or cheques, nor withdraw cash. 'Upon enquiring what was possible at the hub, it transpired that staff could help me with my pension planning, direct debits and insurance. Perhaps other hubs will be different.' Ron Delnevo, chairman of the Payment Choice Alliance campaign group, called the hubs a 'vanity project.' He said: 'ATMs are absolutely fundamental. There needs to be a specification for these banking hubs. 'The Government, the Financial Conduct Authority (FCA), the Treasury are all dragging their feet on the cash access crisis. It's like the captain of the Titanic saying, 'Let's plough into the iceberg and deal with the fallout later'.' However, Dennis Reed, director of senior citizens organisation, Silver Voices, welcomed the little support hubs do offer. He said: 'We have to be realistic. So many population centres no longer have a bank branch and people have to travel – so banking hubs are better than nothing.' Strict criteria Banks and building societies must assess whether communities have reasonable access to cash when they close branches, under rules enshrined in law and governed by the City watchdog, the FCA. If not, then they will need to provide more facilities – including banking hubs – before closing a branch. Link, the cash machine network group, decides whether a community should qualify for a hub and where it should be located. Cash Access UK – a not-for-profit company owned and financed by nine of Britain's biggest high street banks – is tasked with delivering the hub. This is easier said than done. Cat Farrow, chief customer and strategy officer at Cash Access UK, said: 'We're at the mercy of the property market. It's not always easy to acquire the premises or to make necessary changes to transform them into banking hubs. 'They need to be about 1,000 sq ft. We try to bring these buildings up to a good standard and make sure that they're completely accessible. It's a challenge.' To decide which communities should get a hub, Link uses a set of criteria that it drew up with the banks in 2022, and then updated to align with FCA rules in September 2024. Link weighs up how far people would have to travel to get to their nearest branch and how much this would cost them. It considers how many people live nearby and how likely local people are to use cash. Nick Quin, of Link, said: 'Deprivation is a big driver of cash usage, as well as how many people are digitally excluded and how old people are.' Link's website states that hubs work best when there are at least 10,000 people in the local area – defined loosely as the area the high street serves – and at least 70 shops in the area that take cash. Quin said the criteria were more like 'rules of thumb' and that Link regularly carried out assessments on the ground. Yet campaigners believe the criteria are too strict and should be loosened to speed up the rollout. Delnevo, of the Payment Choice Alliance, said: '70-plus shops is a damn high bar. How many communities have that many?' No obligation There are also concerns banks could pull the plug on the project whenever they wish. In the Financial Services and Markets Act 2023 and the Financial Conduct Authority's access to cash regulations, there is no requirement to have a 'community banker' present at the banking hubs. The group of Britain's biggest banks signed up voluntarily to the banking hub idea before the legislation was introduced. It means that while all banking hubs currently have community bankers visiting on rotation, banks have no obligation to keep this service going. The banks have not disclosed how much money Cash Access UK has to draw on to set up banking hubs.
Entrepreneur
09-05-2025
- Business
- Entrepreneur
From Rural Roots To Global Recognition: Vijay Naidu's Fintech Revolution
As India's first fintech leader and network marketer to be awarded a diplomatic passport, Naidu's journey defies convention — and his impact defies limits You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In the fast-paced world of fintech — where innovation meets necessity — few names carry as much credibility and influence as Vijay Naidu. From transforming financial access to mentoring thousands of entrepreneurs, Naidu isn't just part of the conversation; he's actively redefining it. As India's first fintech leader and network marketer to be awarded a diplomatic passport, Naidu's journey defies convention — and his impact defies limits. A vision beyond boundaries At the intersection of technology, entrepreneurship, and economic empowerment, Vijay Naidu has carved a niche few dare to explore. Over the past decade, he has pioneered platforms that democratize financial services, scaled communities of entrepreneurs, and backed disruptive ventures poised to shape the future. A champion of financial access Naidu's fintech mission is rooted in a radical belief: financial tools should serve the many, not the few. From mobile-first banking to blockchainpowered investment platforms, his innovations reach thousands in rural and semi-urban India. These are more than tools — they're economic lifelines for the underserved. Redefining network marketing Before fintech became mainstream, Naidu had already revolutionized network marketing. Building a thriving community of 80,000 entrepreneurs, he proved that scalable mentorship and systems could turn ordinary people into success stories. For many, he didn't just offer opportunity — he offered transformation. A global force Naidu's diplomatic passport symbolizes global recognition of his work's international significance. It has enabled deeper cross-border collaborations, helping expand fintech education and access across developing economies. His vision: to use technology not only as a tool but as a bridge — connecting people, ideas, and opportunities. The investor with integrity Now focused on investing in early-stage fintech ventures, Naidu brings more than capital — he brings mentorship, strategic clarity, and a commitment to impact over hype. His portfolio is built on ethics, scalability, and empathy. What's next? For Vijay Naidu, the future isn't a destination — it's a mission. As he continues building systems, platforms, and legacies, one truth remains: he's not just leading industries. He's building the future of financial freedom — for India, and beyond.
Forbes
07-05-2025
- Business
- Forbes
Closing The Financial Access Gap: Empowering Native Women, Transforming Economies
In Native communities across the United States, we have always known: when you invest in women, you invest in whole nations. Women are the backbone of our communities, the culture-bearers, the caretakers, the changemakers. Yet, in an economy built on exclusion, Native women — like so many women globally — continue to face steep barriers to financial access and economic freedom. Oweesta team members Monique Behrens, Florence Ludka, Sayre Savage and Drea Domebo manning the booth at the 2024 OFN conference in Los Angeles. CA. Sam Levitan Photography To explore how closing the financial access gap can transform entire communities, we spoke with Native women leaders working at the frontlines of economic empowerment. In their own words, they share their vision for changing narratives, the clients who inspire them, and the women who shaped their leadership journeys. 'For far too long, Native women have been denied access to the financial systems that shape our lives and our futures,' says Chrystel Cornelius, President and CEO of Oweesta Corporation. 'But we are changing that—through Indigenous leadership, culturally grounded finance, and unwavering commitment to self-determination. We are rewriting the narrative of what is possible.' Rewriting the Narrative At Oweesta Corporation, a Native CDFI intermediary predominantly led by Indigenous women, we're not just advocating for change — we're building it from the ground up. Our work centers on expanding access to capital, education, and opportunity so Native people can thrive on their own terms, in their own communities. Across Indian Country, Native women leaders are stepping into their power and transforming economies. One of those leaders is Skya Ducheneaux, Executive Director of Akiptan, an Indigenous-led CDFI that finances Native agriculture. For too long, the public narrative about Native communities has focused solely on struggle. Skya calls for a shift — one that centers Native excellence, innovation, and strength. 'One thing that I hate is focusing on the negatives only. Our communities have SO much to offer beyond the rough edges. We have culture, we have family, we have hope, we have a depth of history, we are resilient, we are powerful, and we are so much more than a dilapidated house or a broken-down car or whatever else is going to get shown in those situations.' The Power of Trust and Relationship This spirit of strength, despite historical and systemic disinvestment, is the heartbeat of Native women's leadership. Skya reflects on the early days of her organization's work, when trust was the foundation of their success: 'All of my producers inspire me, but the ones who have been with us from the first few months of opening our doors have a special place in my heart. They really took a chance on us in the same way we took a chance on them. We were showing up for our community, doing our best, with so much still to learn, but they trusted their business and hard work to us to help them build their dreams and now we get to watch them succeed in all the best ways.' The trust between Native women entrepreneurs and Native-led financial institutions is sacred. It reflects generations of relational accountability — where success isn't measured in dollars alone, but in the well-being of families, food systems, and future generations. Relationship-based lending, mentorship, and culturally rooted support are core to what makes Native CDFIs so successful in reaching and empowering women entrepreneurs. Honoring Culture Through Finance In many Native communities, finance is not just about money — it's about values. At Oweesta, we don't separate economic development from cultural revitalization. Our programs are intentionally designed to reflect Indigenous worldviews, where relationships come first, and wealth is shared. In traditional economies, wealth wasn't accumulated — it was distributed. Prosperity was measured not by what one had, but by what one gave. These values remain alive today and form the backbone of our lending and financial education programs. 'We teach budgeting, yes—but we also teach the importance of kinship. We offer business development services—but we also remind entrepreneurs that success doesn't mean leaving your community behind. We embed language, ceremony, and traditional practices into our training models because when Native people see themselves reflected in financial systems, transformation happens,' Chrystel Cornelius, President & CEO, Oweesta Corporation. The Numbers Tell a Story Too Since our founding, Oweesta has facilitated the deployment of over $1.1 billion in capital to Native communities and provided culturally relevant financial education training to over 39,125 individuals. We partner closely with Native CDFIs on the ground, who directly lend to individuals. Since 2019, at least 1,012 of the clients served were Native women entrepreneurs—many of them taking bold first steps towards launching a business, purchasing a home, or building intergenerational wealth. These numbers represent more than economic impact—they reflect the return of agency, voice, and vision to communities systematically excluded for centuries. Conclusion The leadership of women like Skya is rooted in a deep legacy of matriarchal strength. While she doesn't point to one single moment that shaped her leadership, she says her path was forged by watching and learning from generations of fearless women: 'So many values come to mind. Strong, consistent, fearless and powerful. The women Skya Ducheneaux, Executive Director of Akiptan Oweesta I like to surround myself with are the ones who are solution oriented, steadfast in their mission, full of integrity and unapologetic. They don't always necessarily think about glass ceilings or typical gender roles; they just get out there and do the damn thing because it's the right thing and needed done! That's what I want to be like and if I get to shatter a few glass ceilings while doing, it makes it even sweeter. I want to make the women in my life proud, and I want to be that example for my daughters. Here's to strong women; may we know them; may we be them and may we raise them!' At Oweesta, we witness this strength every day. It lives in the mothers saving to buy a home, the grandmothers raising their grandchildren while starting a business, and the daughters who carry their ancestors' prayers into boardrooms and lending circles. But strength alone isn't enough —we must meet it with infrastructure, education, and access. Globally, nearly one billion women remain unbanked. In Native communities, systemic exclusion from financial institutions has created a chasm that limits opportunity. That's why Indigenous-led solutions are so vital. We aren't here to replicate colonial systems—we're here to restore balance and build anew. Financial equity isn't a handout. It's a return on centuries of stolen land, stolen labor, and stolen wealth. It's reparative, it's necessary, and it's already happening — because Native women are leading the way. Closing the financial access gap for women, particularly in Native communities, is not just a matter of justice — it's an economic imperative. As these leaders show, empowering women means investing in community strength, resilience, and a future where everyone thrives. At Oweesta, we don't just know strong women—we invest in them. And when we do, we invest in the future of our nations.
