Meet Wole Coaxum, a former executive at JP Morgan, dedicated to distributing basic income payments to those in need

During his tenure at JP Morgan, Wole Coaxum recognized a pressing need for change and sought to intertwine economic justice with the broader social justice agenda.

Departing from his role as a banking executive, Coaxum embarked on a transformative journey, founding Mobility Capital Finance (MoCaFi), a fintech startup based in New York.

MoCaFi’s mission is clear: to cater to individuals with limited or no access to traditional banking services. Their innovative program offers financial coaching and resources, specifically tailored for those benefiting from universal basic income (UBI) or guaranteed basic income (GBI) initiatives. Through MoCaFi, customers can establish FDIC-insured bank accounts, eliminating the need for cash transactions or check cashing.

Motivated by the social justice movements within the Black community, Coaxum was propelled to create a tangible pathway toward economic parity for marginalized populations.

MoCaFi’s inception in 2014 was deeply influenced by the tragic death of Michael Brown, a teenager fatally shot by police in Ferguson, Missouri. Since then, the company has successfully launched UBI and GBI programs in major urban centers such as Los Angeles, Atlanta, and San Francisco, among others.