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Killer Mike has created a new digital banking platform that focuses on the Black and Latinx community.
The bank's name is derived from the Greenwood neighborhood in Tulsa, Oklahoma. In the early 1900s, this area became known as Black Wall Street because it was home to a thriving community of wealthy Black entrepreneurs. The community was eventually burned down by an angry white mob in 1921. But according to the rapper, the goal of the Greenwood banks is to revive the spirit of the Oklahoma community by creating a fair playing field for Black and Brown citizens.
"Today, a dollar circulates for 20 days in the white community but only six hours in the Black community," the Run The Jewels member said in a press release. "Moreover, a Black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood."
"It’s no secret that traditional banks have failed the Black and Latinx community," Glover added. "We needed to create a new financial platform that understands our history and our needs going forward, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. This is our time to take back control of our lives and our financial future."
Greenwood will be offering savings and spending accounts along with black metal debit cards to customers that sign up before 2020 ends. The bank is also compatible with Apple, Samsung, and Android pay features, has mobile check deposits, peer-to-peer transfers, virtual debit cards, and free ATM usage in over 30,000 locations.
Greenwood is also giving back by donating five free meals to a family in need for every new customer that joins the bank. Also, every use of a Greenwood debit card will result in a donation to the United Negro College Fund, Goodr, and the NAACP as well as give out a monthly $10,000 grant to different Black or Latinx customers who own small businesses.