From Left Out to Lifted Up: Break Free from High-Cost Financial Services

Econofi Opens the Doors to Affordable, Community-Centered Banking
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The Problem: Banking is Broken

Imagine working hard all week, only to lose a significant chunk of your paycheck just to access your money. That’s the reality for 46 million unbanked and underbanked adults in the U.S. These individuals rely on costly check-cashing stores, where higher checks mean higher fees. Every year, they spend:

  • $11 billion on check cashing and bill payments.
  • $127 billion in usury fees and interest.

Traditional banks have failed to serve these communities, trapping families in cycles of predatory fees and financial instability.

Our Solution: Empowering Local Institutions and Individuals

At Econofi, we’re flipping the script on financial exclusion with two innovative platforms:

The BankBox™

We equip trusted local institutions—like community banks, churches, and schools—with modern tools to offer essential financial services. These institutions can now safely serve their communities while addressing real needs:

  • Secure Identity Verification and fraud prevention.
  • Checking, savings, loans, and affordable financial solutions.
  • Financial literacy programs to build confidence and knowledge.

The BotBox-Connect™

Our AI-driven platform connects underserved individuals to the financial opportunities they deserve:

  • Government Benefits Maximizer: Simplifies access to benefits families qualify for.
  • Alternative Credit Scoring: Unlocks credit using real-world behaviors like rent and utility payments.

By de-risking financial services and empowering trusted local institutions, Econofi bridges the gap between communities and modern banking, giving unbanked and underbanked individuals a path to economic freedom and a chance to thrive.

How Econofi Works for Communities.

  • Trusted Local Institutions Become Financial Hubs: Churches, schools, and community organizations can offer modern banking services.
  • Secure Identity Verification: AI-powered tools ensure safe access to essential financial products.
  • Modern Banking Tools: Checking accounts, savings, loans, and credit card issuance—no traditional branches needed.
  • Financial Literacy Programs: Equip members with resources to build financial confidence and independence.
  • Revenue Growth for Institutions: Earn income while addressing community financial needs.

 

How Econofi Works for Individuals.

  • Easy Onboarding: Quick mobile sign-up for access to financial opportunities.
  • AI-Powered Matching: Personalized connections to loans, government programs, and financial services.
  • Government Benefits Maximizer: Navigate and claim all eligible assistance programs.
  • Alternative Credit Scoring: Unlock credit with real-life behaviors like rent and utility payments.
  • Affordable Financial Services: Low fees for check cashing, bill payments, and money transfers.
  • Financial Education Access: Learn to save, build credit, and achieve financial independence.
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The Benefits of Being Banked

Deposit accounts at federally insured depository institutions are covered by deposit insurance and other consumer protections.

Ownership of an account at a federally insured depository institution provides households with a safe place to keep deposits and to save for emergency and long-term needs, and it facilitates households' financial transactions.

Having a bank account and a banking relationship can also facilitate households' access to responsible, affordable credit, and such access can help households build their credit history.

~Federal Deposit Insurance Corporation (FDIC) , What is Economic Inclusion?