Mocafi Case Study
Digital banking for the underbanked. Mobility Capital Finance, Inc., also known as MoCaFi, is a MWBE-certified digital banking platform to build a financial ecosystem for unbanked and underbanked communities in the United States.
TECHNOLOGIES USED
ENGAGEMENT MODEL
STAFF AUGMENTATION MODEL
WE HELPED MOCAFI BY OFFERING THEM:
Teravision helped Mocafi achieve their goals by:
- Fast Ramp-Up: We iterated the project at a faster to improve product-market fit
- Increased Project Success Rate: Effectively used their budget and time to prioritize project completion.
- Technical & Product Development Know-How: Established a clear roadmap for Mocafi's success
The Challenge
Wole Coaxum, founder and CEO of MoCaFi, explained that they wanted to offer their customers a service that integrates with public administration on a municipal level to give access to financial and banking resources to African and Latin American communities that do not have them. This, while also serving as a form of identification that allows them to show that they are citizens of those municipalities all across the United States. However, this initiative would be tested first in Detroit, Michigan. The main challenge was to create a system using nearshore software development teams to provide underbanked and unbanked communities within Detroit and the rest of the United States with a chance to finally be integrated into the banking system smoothly and safely.
The Solution
Business: We had three main objectives: first, assemble a nearshore software development team. Second, create an HTTPS-based web portal for the employees in charge of collecting individual information. Third, develop an administrative portal that allows them to manage every step of the registration process, like the use policies and privileges, information settings, all the received, rejected, and approved applicants, and other features.
Technical: We made sure that the app was scalable beyond the pilot test in Detroit. We did this by developing a flexible back-end matrix to customize the app based on the legislative needs of each state.