National Bankers Community Alliance Partners with iGrad and HBCU Community Development Action Coalition on Financial Wellness Pilot Program to Close Racial Wealth Gap

San Diego, CA, April 21, 2022 –(– The National Bankers Community Alliance (NBCA), a 501(c)(3) affiliate of the National Bankers Association (NBA), has partnered with the San Diego-based financial wellness education company iGrad and the HBCU Community Development Action Coalition (CDAC) are launching a financial wellness program to help more minority communities close the racial wealth gap.

Thirteen of the NBA’s member Minority Depository Institutions (MDIs) will participate in the NBCA Pilot Powered by Our Money Matters, an AI-based platform powered by iGrad Enrich™ that supports knowledge exchange, positive financial behaviors and traditional banking engagement.

Our Money Matters is an innovative financial wellness center and digital platform originally developed to equip students and residents at HBCU and minority-serving institutions with the skills to achieve financial freedom. NBA member banks will use the platform to provide in-person counseling, online programs, and support services to convert learners into customers and help them manage their finances through better banking and financial behaviors. It was funded by a $500,000 grant from the Wells Fargo Foundation.

“For 95 years, members of the National Bankers Association have worked hard to strengthen the financial health of minority communities,” said Nicole Elam, president and CEO of the National Bankers Association and executive director of the National Bankers Community Alliance. . “As banking and financial services evolve, customers have a greater need for innovation and information to help them manage their finances. NBCA and HBCU CDAC share common interests in the promotion, advancement and well-being of underserved communities and the advancement of wealth creation through practical financial wellness education.

This pilot project supports NBCA’s Financial Wellness Pillar, which aims to deliver programs, training and services to underserved households to support asset accumulation and sustainability.

“Our partnership with the National Bankers Community Alliance is a mutual commitment to further promote the importance of financial well-being and financial confidence for underserved communities across the United States,” said Sharon Kent, director of the Our Money program. Matters. “This is an opportunity to dramatically improve the financial health of minority communities and young consumers to close the racial wealth gap.”

According to recent Federal Reserve reports, 40% of black households and 30% of Hispanic households are unbanked or underbanked, compared to 12% of white households. A McKinsey Global Institute report also estimated that nearly 20% of black families have negative net worth.

NBCA, HBCU CDAC and iGrad are also committed to reaching Generation Z, a particularly challenging market of individuals between the ages of 18 and 25 who primarily use mobile banking and money transfer fintech apps rather than build relationships with community bankers.

“Minority depository institutions are critically important in communities of color and can directly support the financial health of communities where there are typically gaps in banking services,” said Bonnie Wallace, philanthropy manager for the financial health for Wells Fargo. “We are excited to help NBA Member Banks advance their digital transformation and expand access to digital financial wellness tools that can help individuals and families reduce debt, save for retirement or achieve other financial goals.

About iGrad
iGrad is a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to more than 600 colleges and universities, more than 20,000 employers, and more than 300 financial institutions. iGrad’s Your Money Personality™ was recently recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adult Education Program of the Year award. iGrad is one of three 2020 winners of the inaugural Barron’s Celebrates: Financial Empowerment, having been selected by a team of judges for its contributions to improving the financial health and security of Americans. iGrad was also awarded the 2022 Eddy Award for Financial Wellbeing by Pensions & Investments for its Enrich platform. For more information on the iGrad platform, visit For more information on the Enrich platform for employers and financial institutions, visit

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