Financial Deserts

Financial Deserts:
The Bronx

 

Why We’re Here

The Bronx is home to many who lack the financial tools to uplift themselves and their community. Many neighborhoods in The Bronx are financial deserts where financial resources are scarce and money moves in slow and costly ways that makes communities economically depressed. Master Your Card is working with the community to create on-the-ground solutions that are tailored to the needs of the underserved in The Bronx. This effort is being led by local leaders, such as Borough President Ruben Diaz Jr. and former Borough President Fernando Ferrer, as well as MIT Professor J. Phillip Thompson and the MIT Community Lab, a national leader in elevating underserved communities. Together, we’re forming a local steering committee to build on the strengths of the community, support their financial progress and build real solutions that help residents build stronger futures for themselves and their families. One solution in development is The Bronx Card, a prepaid card that helps residents get out of cash, into cheaper electronic payments and invest in their community through their everyday purchases.


Community Engagement

Master Your Card is supporting local leaders in designing The Bronx Card, a prepaid card that brings underserved residents into the financial mainstream while building community investment and pride. It will give residents access to an electronic payment solution that is safe, simple and convenient—saving them time and money. The Bronx Card will be custom-built to meet the needs of The Bronx’s large immigrant community. For example, an important feature is eliminating the need to open a bank account in order to safely use electronic payment technology. A percentage of purchases made with this card would also provide capital for community re-investment, ensuring that The Bronx has the ability to invest in needed services and infrastructure for residents for years to come.


Events & Resources

  • Master Your Card Celebrates Graduates of Innovative Financial Education Program … READ MORE
  • The Technology to Advance Equal Financial Opportunity … READ MORE

 

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