BankPlus CreditPlus Program Case Study

This case study outlines the CreditPlus program implemented by BankPlus, aimed at transforming financial futures for unbanked customers in the Southeast region. The program was developed in response to the high concentration of payday lenders in Mississippi and the lack of financial literacy education available to residents. It provides loans of up to $1,000 at affordable interest rates to participants who complete a three-hour seminar on money management. The program also includes the establishment of checking and savings accounts to help participants enter the banking mainstream. The success of CreditPlus is attributed to the seamless integration of technology that facilitates efficient onboarding and management of accounts. Since its launch, the program has opened over 10,192 accounts and originated more than 35,300 loans, totaling over $25.8 million. BankPlus has conducted over 1,100 seminars, significantly impacting the communities it serves and earning recognition as a Cobalt Awards winner for its innovative approach to financial inclusion.