The unbanked population in Kansas City has dropped to a historic low of 0.8%, as revealed in the 2023 FDIC National Survey of Unbanked and Underbanked Households, making it the largest decrease among all metropolitan areas and the third-lowest rate in the nation. This achievement highlights the impactful work of CHES, Inc. and its BankOn KC initiative, which has empowered underserved communities through financial education, coaching, and innovative solutions.
KANSAS CITY, Miss., Nov. 21, 2024 /PRNewswire-PRWeb/ -- The Kansas City region has achieved a groundbreaking milestone in financial inclusion, with the unbanked population dropping to an impressive 0.8%, according to the newly released 2023 FDIC National Survey of Unbanked and Underbanked Households. This marks the largest decrease among all metropolitan statistical areas (MSAs) and positions Kansas City as having the third-lowest unbanked rate in the United States.
This achievement is a testament to the tireless efforts of CHES, Inc. (Credit & Homeownership Empowerment Services, Inc.), through its initiative, BankOn KC, to empower underserved communities through accessible financial education, personalized coaching, and innovative solutions that remove barriers to financial inclusion.
"We are incredibly proud of what we've accomplished in Kansas City," said Ron Farmer, Co-Founder of CHES, Inc. "Reducing the unbanked population from 6.4% to 0.8% is a testament to the power of strategic partnerships and innovative solutions. These efforts not only transform financial access but also strengthen the foundation of our community."
Transformative Community Efforts
CHES, Inc., through its BankOn KC initiative, has led the charge to provide low- and moderate-income households with tools to access secure, reliable banking services. These efforts include:
- Free classes and workshops on money management and financial literacy
- Educational outreach initiatives designed to empower underserved populations
- Leveraging technology to overcome accessibility barriers, ensuring banking services are within reach for all
One of the most impactful advancements has been the use of mobile platforms to reach households without traditional internet access. This innovative approach has brought critical financial resources to the fingertips of individuals who might otherwise be excluded.
Kansas City: A National Model
The FDIC's latest survey highlights that 4.2% of U.S. households—approximately 5.6 million—remain unbanked, reflecting steady progress in financial inclusion nationwide. Kansas City's remarkable reduction to 0.8% sets a national standard for what can be achieved through targeted community initiatives and effective partnerships.
"This milestone is a reflection of what's possible when organizations and communities come together with a shared vision," Farmer added. "By partnering with BankOn, we've created a replicable blueprint for success that we hope to bring to other cities nationwide."
About BankOn KC
BankOn KC is an initiative of CHES, Inc. and helps connect consumers to safe and affordable banking products certified as meeting the Cities for Financial Empowerment Fund's Bank On National Account Standards. Our coalition members offer services and educational resources that help empower people and families to improve their financial capability, health, and independence. It is important that residents have access to resources that help lay a solid foundation for banking and financial empowerment.
About CHES, Inc.
Founded in 2010, CHES, Inc. is a HUD-approved nonprofit organization based in Kansas City, Missouri. The organization specializes in financial, credit, and housing education, counseling, and coaching services designed to empower low- to moderate-income individuals. Through innovative programming and strategic partnerships, CHES, Inc. is dedicated to improving financial stability and quality of life. Services are available nationally.
For more information, visit www.chesinc.org.
Media Contact
Ron Farmer, Ches, Inc., 1 816-533-7138, [email protected], www.chesinc.org
SOURCE Ches, Inc.; Ches, Inc.
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