Ujamaa Financial

Ujamaa.Financial is excited to share that we are a recipient of a grant from the U.S. Chamber of Commerce Foundation’s Coalition to Back Black Businesses program! We are thankful for the support, and will use it to further our initiative to help black, brown, and first-generation college students and graduates pay down student debt, build credit and emergency savings while building financial literacy. Our ultimate goal is to be a catalyst to clearing obstacles to closing the wealth gap.

We wholeheartedly agree!

While participating as at mentor at RiseUp/Amplify at Momey20/20 I had the pleasure of meeting legendary DJ Spinderella and legend in the making, her daughter Kristy Ray. Both were very gracious, and spent time talking to the cohort and sharing their process for success and experiences. #money2020usa

Last day of Money20/20 conference in Las Vegas. We couldn’t help but grab a quick few snapshots of the fun shoes we spotted around the show. This time our vote is for the fancy trainers with the gold stars on them, glamorous and comfy is a perfect combo. We focused on shoes because first of all it’s shoes, and second because we want you to step into your prosperous and financially savvy future with Ujamaa.Financial. #money2020usa

Day two of the Shoes of Money20/20 fabulousness was focused on shoes in the RiseUp/Amplify conference room plus one or two stand outs in the hall…..which is your favorite? #Money2020usa

So Ujamaa.Financial is attending Money20/20 and our CEO has the privilege of mentoring two wonderful women in finance who were selected to participate in the highly competitive Money20/20 RiseUp program which amplifies women in finance. This is a full circle moment as last year we were selected as part of the Amplify program which is built to amplify the presence and voices of underrepresented founders and people working in finance. We are opening doors for each other and celebrating each other. The energy is most excellent! One of the first moments of the first day was meeting Tracey Davies (Byers) and seeing a friend from our previous cohort Sharon Rivera knock her presentation out of the park! #money2020usa

The Unforgivable Investment: The Student Loan Debt Dilemma Introduction: In the world of finance, investments come in many shapes and sizes. From stocks and bonds to real estate and startups, investors are always on the lookout for opportunities to grow their wealth. However, there's one investment that some in the financial world hope will never see the light of forgiveness: student loan debt. The Investment that Defies Forgiveness: For decades, student loan debt has been on the rise, ballooning into a colossal $1.6 trillion burden on the shoulders of countless graduates. To many, this debt is seen as an investment, a bet on a bright future fueled by education. But there's a twist to this story that many aren't aware of. Universities, especially elite institutions, have been known to charge exorbitant tuition fees, often far exceeding the actual cost of education. These surplus funds aren't simply squirreled away in some academic vault; they're invested. Universities use these vast sums of money to grow their endowments, creating financial safety nets that rival the GDP of some small nations. In essence, the tuition paid by students is transformed into a financial investment vehicle for these institutions. The Uninformed Borrower: This brings us to the uninformed borrower, the student who takes out loans without a clear understanding of the financial alchemy at play. They seek an education, hoping it will be the key to a prosperous future. However, the soaring tuition costs mean that they must often borrow substantial amounts to access that education. As these borrowers graduate,they find themselves navigating a world where their debt is now part of a complex financial ecosystem. Investors hold slices of their loans as assets. Universities continue to amass wealth through investments made possible by tuition fees. And the borrowers? They are left with the burden of repaying loans that have grown, thanks to interest, even as their alma maters' endowments flourish. This dilemma disproportionately impacts disadvantaged communities, like students of color, who take on larger debt burdens and yet still face systemic barriers to repayment and wealth-building. Innovative fintech platforms like Ujamaa Financial provide targeted solutions to help these borrowers efficiently repay loans while improving financial literacy. The Investment that Keeps Giving: From an investor's perspective, student loan debt is seen as a reliable, long-term asset. It's a consistent stream of interest payments that can stretch over decades. As such, some investors may not be thrilled at the prospect of debt forgiveness. It's an understandable position, but it raises questions about the broader implications of this dynamic. A Call for Reform: The student loan debt situation is a multifaceted issue. It's not just about financial investments; it's about education access, financial literacy, and social equity. #studentdebt #financialliteracy #generationalwealth

Has your student debt caused any delays in your life goals or choices? #studentdebt #generationalwealth #financialliteracy #blackwealth

Ujamaa Financial Joins Forces with College Cash to Accelerate Financial Empowerment for Students. Ujamaa Financial has announced a new collaboration with College Cash (Techstars '23) Cash, a recently launched disruptor in the student debt repayment solutions space. This strategic partnership aims to combine the strengths of both companies to further accelerate financial empowerment and prosperity for college students and recent graduates, especially those in disadvantaged communities. With student loans going back into repayment after a three-year pause, and October being Student Loan Awareness Month, the timing of this collaboration reflects the urgency to provide relief to young people shouldering crushing debt burdens. By integrating Ujamaa's customized digital banking tools, financial literacy content, and compassionate coaching tailored for minority communities with College Cash's student debt repayment capabilities based around utilizing various forms of everyday behavior, the two companies will now offer a powerful ecosystem to help young people efficiently repay loans, build credit, and create wealth. Additionally, the recent partnership of College Cash and MoneyGram will allow a "community support" aspect to addressing student loan debt by utilizing MoneyGram International locations as cash-in/cash-out points for their users.  Ujamaa Financial's social platform will allow College Cash users to easily share their repayment journey with friends and family and unlock motivation through community. Users will also benefit from Ujamaa's immersive financial literacy education through AI-powered gaming and personalized avatar experiences making complex money topics accessible. College Cash's innovative use of everyday purchases and cash back rewards to drive incremental debt payments are a perfect complement with Ujamaa's solution. “This alliance was the perfect blending of our visions to help those most affected by the student loan debt crisis. This sets us up to becoming a future leader in the consumer debt reduction space.” said Demetrius Curry, CEO of College Cash. The combined offering provides flexible new mechanisms to conquer student debt as a community starting as early as the first year of high school. Dana Fry, CEO of Ujamaa Financial, shared "By joining forces with College Cash, we can accelerate financial justice and economic mobility for more diverse graduates nationwide. Together, our innovations uniquely provide the technology, knowledge, and social empowerment needed to create lasting change." This collaboration represents the next evolution in culturally competent fintech solutions designed to dismantle systemic barriers and build generational wealth, with users at the center. #studentdebt #generationalwealth #studentloanawarenessmonth #blackexcellence #blackwealth

So excited to be on the advisory boad of The Prosp(a)rity Project. They are also doing the work to level the financial playing field through student debt repayment. October is student loan awareness month. #studentdebt #generationalwealth #financialliteracy #blackexcellence #buildcredit