OurBanc CEO David Dwumah To Share Expertise On Fintech's Role In Underserved Communities At Benzinga's NYC Event

David Dwumah is the founder and CEO of OurBanc – a mobile banking company aimed at improving the financial health of disenfranchised communities.

Dwumah is a serial entrepreneur and a seasoned financial veteran with experience in the public and private sectors. These include Citizens Bank, Ernst & Young Financial Services Practice, and the Boston Federal Reserve. He co-founded Blu North Group, a technology risk and cybersecurity consulting firm.

He is a Certified Public Accountant (CPA) and Certified Information Systems Auditor (CISA). He holds a BA degree from the University of North Florida, an M.Sc. in Accounting from the University of Notre Dame and an M.Sc. in Information Systems from Baylor University.

Besides work, Dwumah is involved in organizations such as the Council for Inclusive Capitalism (the Council) and the U.S. Faster Payments Council (FPC), where he serves on the Financial Inclusion Workgroup and ESG Subgroup. He is also a member of the Black Economic Council of Massachusetts (BECMA).

Alongside other financial experts, he will be sharing his insights at Benzinga's Fintech Deal Day event in NYC on Nov. 13, discussing "Fintech Innovations in Underserved Markets."

Also Read: Meet Simplify Asset Management’s Michael Green At Benzinga’s Fintech Deal Day

Community-Driven Inspiration

Growing up in Ghana, Dwumah was fascinated with the local concept of “Susu” – a non-formal community-based saving practice where family and friends borrow and lend money to each other.

“Founding OurBanc is a culmination of my lifelong observation and belief in the power of people helping people, the use of the right technology to better the lives of others, and my firsthand experiences as an immigrant and black consumer,” he said in an interview with Shoppe Black

Dwumah envisioned OurBanc as a platform for reducing the financial challenges that numerous Americans face, particularly those within African-American, Hispanic and Indigenous communities.

By emphasizing transparency and incorporating financial literacy into its services, OurBanc aims to empower its members to view, manage, move, and grow their money, ultimately improving their financial health.

The company recognizes that systemic barriers within the financial system have left many individuals financially unhealthy and aims to rectify this.  Despite its name, OurBanc is not a traditional bank – instead, it operates through bank partners.

Looking ahead to the near future, Dwumah takes note of high frictional costs that impact the most vulnerable members of the community.

"According to FDIC surveys, 60 million Americans spend $3,000 a year on payday loans, check cashing, ATM fees, and more. That is not right. Our goal is to reduce this by at least $1000 over the next five years for the members of OurBanc," he said, reiterating his confidence to inspire others and accelerate meaningful change within the industry.

Benzinga's Fintech Deal Day & Awards event will enlighten highlights of the current digital asset space. Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Also read: US Banks Witness Whopping $100 Billion Deposit Drop In Just Three Weeks, Fed Survey Raises Alarm.

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