Jide Akindele, Founder/CEO, and CGO of Afripie Technology, stopped by the Studio Lounge to discuss how Afripie offers a payment gateway for easy online bill payments in Sub-Saharan Africa.

Specifically, Jide focused on remittance services for the diaspora community, discusses how credit unions can enhance their offerings with favorable interest rates and an API solution for international bill payments.

He talked about plans for a minimum viable product in central Massachusetts, along with future initiatives to improve payment processes.

Jide emphasized community engagement and collaboration to maximize opportunities in remittance.

Q&A summary...
What is the significance of the diaspora community in the context of remittance services?
The diaspora community consists of first and second-generation individuals who have moved from their home countries to the U.S. but still have financial responsibilities back home, often leading to frequent remittance transactions.
How does the remittance process work for individuals sending money to family members in their home country?
Instead of sending money directly to family members, the service allows users to pay bills directly, such as hospital fees, ensuring that funds are used for their intended purpose without intermediaries.
What advantages do credit unions offer to members of the diaspora community?
Credit unions typically provide better interest rates on loans and mortgages compared to traditional banks, making them an attractive option for diaspora members starting their banking relationships in the U.S.
What is the role of AfriPie technology in enhancing remittance services for credit unions?
AfriPie technology allows credit unions to integrate international bill payment services directly into their platforms, enabling members to manage payments for family members back home seamlessly.
How does the remittance industry impact the economy of home countries?
The remittance industry is a trillion-dollar market, with a significant portion of funds being used for essential services like utilities and healthcare, which can greatly impact the economies of home countries.
What future developments are planned for the remittance service being discussed?
The service aims to launch its MVP in central Massachusetts and expand its offerings based on findings from initial user interactions, potentially incorporating stablecoin technology for faster transactions.

​Check it out when you get a chance and let us know your thoughts. And be sure to watch more of our Studio Lounge episodes on our WealthTech Connect archive page, as well as check out our sponsor/host TAPP Engine.

Tanya Van Court, Founder & CEO at Goalsetter, stopped by the Studio Lounge to share highlights from her conference session on "Beyond Banking:  Empowering Credit Unions to Lead in Financial Health."

Specifically, Tanya stressed the need for financial education, particularly for women and younger generations, amidst a national financial literacy crisis. By offering financial education and wealth management services, she added that credit unions can attract younger members.

Goalsetter provides a curriculum for schools, aiming to enhance financial literacy in colleges and beyond.

Q&A summary...
What is the significance of the Great Wealth Transfer for credit unions in the next few years?
The Great Wealth Transfer represents trillions of dollars that will be passed down in the next 5 to 10 years, presenting a crucial opportunity for credit unions to retain and attract assets.
What two critical questions should credit unions ask themselves regarding asset retention?
Credit unions should ask how to retain assets among families they currently serve and how to access assets that may not be in their credit union but are moving.
What role does financial education play in attracting younger members to credit unions?
Financial education is essential as it empowers younger members to understand money management, making them more likely to engage with credit unions for their financial needs.
How does Goalsetter assist credit unions in providing financial education?
Goalsetter offers a white-label, turnkey financial education platform that credit unions can use in schools, helping to meet the financial education requirements of students.
What is the impact of financial education on students' financial mastery levels?
Students who participate in financial education programs can achieve up to a 90% financial mastery level, significantly improving their financial aptitude.
What is the average age of credit union members, and why is this a concern?
The average age of credit union members is around 50, which raises concerns about attracting younger members to ensure the future sustainability of the credit union.

Check it out when you get a chance and let us know your thoughts. And be sure to watch more of our Studio Lounge episodes on our WealthTech Connect archive page, as well as check out our sponsor/host TAPP Engine.

Crissi Cole, Founder & CEO at Penny Finance, joined us in the Studio Lounge to share highlights from her conference session on "Redefining How Americans View their Financial Institution."

In particular, Crissi talked about how the Penny platform offers comprehensive financial planning services, helping users manage their financial goals while partnering with credit unions to boost member engagement.

She also shared early results indicating increased product usage among members, emphasizing long-term wealth creation and seamless integration with financial institutions.

Check it out when you get a chance and let us know your thoughts. And be sure to watch more of our Studio Lounge episodes on our WealthTech Connect archive page, as well as check out our sponsor/host TAPP Engine.

Gwyneth Borden, Founder & CEO at Remynt, stopped by the Studio Lounge to share highlights from her conference session on "Clearing the Path to Build Financial Wellness."

Specifically, Gwyneth talked about Remynt being a solution for debt collection that promotes financial wellness through partnerships with credit unions. She also discussed highlights about the current student debt crisis and the importance of financial literacy.

Lastly, Gwyneth shared that Remynt's digital tools enhance communication for debt management, encouraging individuals to begin their wealth-building journey.

Q&A summary
What is the main focus of Remynt as a debt collection solution for credit unions?
Remynt is designed as a debt collection solution that emphasizes financial wellness, helping credit unions manage collections while supporting members in overcoming debt to build wealth.
What unique features does Remynt offer to help members manage their debt?
Remynt provides an omnichannel platform that allows members to choose their payment plans, including options for weekly, biweekly, or monthly payments, and even peer-to-peer payment methods like PayPal.
What is the significance of the credit builder feature in Remynt's platform?
The credit builder feature allows members to rebuild their credit by repaying past debts, which is integrated at no additional cost, helping them improve their financial standing.
How does Remynt's approach to debt collection differ from traditional methods?
Remynt focuses on creating a supportive environment for members in crisis, rather than aggressive collection tactics, which helps build loyalty and trust.
What role does financial literacy play in Remynt's services?
Remynt emphasizes financial literacy as a crucial component, helping members understand the difference between good and bad debt and how to manage their finances effectively.
How does Remynt help alleviate the stigma associated with debt?
Remynt aims to educate wealth advisors on the importance of understanding members' debt situations, encouraging open discussions to help individuals feel less embarrassed about their financial challenges.

Check it out when you get a chance and let us know your thoughts. And be sure to watch more of our Studio Lounge episodes on our WealthTech Connect archive page, as well as check out our sponsor/host TAPP Engine.

Holly Fearing, Head of Marketing + Experience at Filene Research Institute (soon-to-be Chief Marketing and Experience Officer at the National Credit Union Foundation), joined us in the Studio Lounge to share her thoughts on In the Cellar's mission of providing mental health resources for children in Great Lakes communities. Holly highlighted the importance of fundraising events that unite people around a shared cause like mental wellbeing for kids.

Check it out and let us know your thoughts. And, if you feel compelled to do so, feel free to donate to Credit Unions for Kids to continue credit unions' support all year.