The Interledger Community 🌱: Sheena Allen

Financial Exclusion in the Southern U.S. — ILF Ambassador Final Report

Sheena Allen — Mon, 05 Jan 2026 01:47:28 +0000

Project Update

I have completed my in-person research and case studies on groups of financially underserved individuals across the Southern USA. The project chosen came from my experience running my fintech company, CapWay, which focused on providing digital financial services and tools to the financially underserved, specifically unbanked and underbanked individuals and those defined by the working poor, also known as living paycheck to paycheck. From that, I was able to confirm that published data, even from the biggest banks and research firms, was often not truly reflective of this audience. My focus as an ambassador was to dive deeper by investigating the key reasons why, understanding behavior and mindset, and the ultimate impact of being financially underserved.

During my project, there were moments of discovery that further supported my thesis about skewed data and why that had reflected missed or needed opportunities in the world of digital financial technology and inclusion. However, there were also challenges along the way in making it happen.

Starting with the challenges, it was very important to me to conduct these case studies in person rather than virtually (e.g., Zoom or similar). The energy of having those who participated in the research group feel that they were there not just for research but because I cared, and also to be in the room with others who were dealing with similar issues, and therefore knowing they weren't alone. Although the in-person component was paramount and I wouldn't change it (and won't, as I plan to continue this research), it was a challenge. In certain cities, even with the help of trusted local organizations, finding participants wasn't easy. Was the population of people I was targeting there? Yes, for sure. But getting them to participate in a case study wasn't the easiest task. Sometimes, even confirmed participants didn't show up. Moreover, I found myself doing more one-to-one case studies than I originally planned, but I was okay with it because the information was still highly valuable. In some of those cases, I agreed to keep the person's identity hidden because they were fearful and didn't want their information disclosed in any way, even though I informed them it would be used only for internal purposes.

Photo of me and two participants after the case study in Washington, D.C.

On the plus side, I talked to roughly 50 people across the following five cities: Houston, TX, Jackson, MS, Miami, FL, Atlanta, GA, and Washington, D.C. Each of my case studies followed a similar line of questioning, although overall, each varied because conversations would naturally flow, and each conversation was different. In those conversations, we discussed why they were unbanked or underbanked. Some participants were unbanked due to circumstances: they had a bank account at one time but, due to overdraft fees, their accounts were closed, and they haven't been able to open another one. For others, their reasoning ranged from a lack of access (no banks in the area, can't get one due to no birth certificate or license) to simply not trusting the system and banks (and a preference for being able to physically touch and see their money).

Doing these case studies at a time when many in the U.S. are financially struggling made many of these conversations even more interesting. Some of the participants were "homeless" in the sense that they (and their kids) were living in a cash pay-per week hotel, some relied on food pantries for food, others talked of how they owed money so if they did have a bank account (required by their employer) they monitored their account so that second money hit their account, they withdrew it because they were scared the bank or someone else would take it.

Overall, the case studies were eye-opening, even to me as someone who has worked with this target audience for years. I started each case study by informing each person that I wanted them to be honest. Raw and honest. I wasn't there to judge. I was there to listen, take the results of this research and learning, and figure out how to make the world of digital financial inclusion work for them by working with them because their words, circumstances, and needs matter. As mentioned earlier, I plan to continue this research, and my time as an ambassador at Interleder and this research have laid the foundation for further research and the opportunity to find even more ways to stand on data in the fight for even better digital financial inclusion services and policies.

Progress on Objectives, Key Activities

My research project was broken down into three goals aimed at examining the lived financial experiences of underserved individuals in the Southern United States, defined as those who are unbanked, underbanked, or excluded from the traditional banking system. It also engaged key stakeholders and compared on-the-ground findings with existing financial research to uncover gaps, biases, and opportunities for more effective financial inclusion solutions.

Each goal included specific objectives that supported the project's overall outcomes.

Goal one, which defined and understood the financially underserved, included the most objectives, as it was foundational to the research. The first objective was to clearly define and quantify the target audience. I initially accomplished this by leveraging existing data (found here and here) that identified cities with high populations of financially underserved residents. These cities became the top candidates for in-person case studies.

Once cities were selected, participants were recruited either through social media outreach or partnerships with local organizations that already worked with the target population. Participants self-identified as unbanked, underbanked, or working poor, and in some cases, this was confirmed through an application process. For example, in Atlanta, GA, we partnered with Goodr, which distributed our Google Form application to potential participants through their email list. As part of that application, individuals selected which of the three categories they identified with. This identification process was also reiterated through opening questions during each in-person case study.

One evolution from the original objective was that, in later cities, we expanded participation to include individuals who could speak to being subject to "Black tax," the financial pressure to support extended family or community.

The remaining objectives under goal one focused on a deep understanding of participants' financial reasoning. Much of the questioning centered on why individuals were financially underserved and why/if they remained so. A consistent response was trust. Many participants expressed deep distrust of banks and the broader financial system, often rooted in personal experiences or negative experiences shared by friends and family.

When discussing financial behaviors, such as money management, credit access, and transaction methods, many participants shared that they weren't too concerned with participating in the formal financial system. Several preferred cash-only lifestyles when possible and felt comfortable operating outside of traditional banking structures. Access to credit was rarely a priority unless it was tied to a major life goal, such as purchasing a home, but they were okay with renting.

Goal two, which focused on financial technology and inclusion, along with stakeholder perspectives, had the primary objectives of assessing how efforts impact this population, gathering cross-sector insights, and developing actionable recommendations to improve financial access.

These objectives were met through three main approaches. First, I conducted interviews with fintech founders working directly with underserved communities, including Evan Leaphart, CEO of Kredit Academy, and Dana L. Wilson of CHIP. These conversations explored the advantages and limitations of digital financial products, adoption challenges, and where fintech founders are succeeding or falling short in serving this audience.

Second, questions related to fintech and digital financial services were incorporated into each case study. Toward the end of every session, participants were asked which fintech apps or services they currently used and, if they could design a fintech product tailored to their needs, what it would look like. Most participants reported using at least one fintech app, most commonly Chime or Cash App. However, none reported using fintech tools for budgeting, investing, or financial education. Even with the fintech apps, many responded that they didn't think the apps were actually working in their favor. However, they were a better alternative than the traditional bank, almost to the point of choosing the lesser of two evils.

The third approach involved speaking with policymakers and leaders from partner organizations. One example was Yasmine Salina of Hustlers Guild in the Washington, D.C. area. She shared that many individuals served by her organization do not have bank accounts, but that opening an account is often not the hardest part. The greater challenge is that many lack the documentation required to open an account, such as a birth certificate or government-issued ID. Securing these documents can require hours of hands-on support for a single individual, which is work that her organization regularly undertakes.

Goal three was focused on analyzing and comparing existing financial research to identify data gaps, inconsistencies, and under-explored opportunities in financial services. Satisfying the objective overlapped with case study questions, particularly when participants were asked what types of digital financial products would actually serve them.

One major gap identified was that many financial inclusion products have been built for underserved communities rather than with them. Too often, products are designed by founders, banks, or venture capitalists with assumptions rooted in capitalism-first thinking and in what they believe this audience needs, rather than insights from sustained, on-the-ground engagement, such as the in-person research conducted in this project.

Additionally, part of satisfying this goal involved intentionally creating a comfortable space for honesty. During the opening remarks of each case study, participants were encouraged to be completely transparent, with no answer considered too honest or raw. These conversations revealed realities that are often absent from traditional data sets.

For example, during the Jackson, MS case study, I asked participants, "What is the most expensive item you've ever purchased, and why?" One participant responded that he had purchased a Louis Vuitton bag. His reasoning was that the brand represented status. He always saw celebrities and rich people carry it. Once he saved enough money, he made the purchase. He admitted that the money could have and should have been used for something else, but the ability to have that status symbol mattered more. My follow-up question was, "Where is that Louis Vuitton bag now?" His response, "I sold it for drugs."

This moment underscored how existing research often fails to capture the complexity, contradictions, and emotional drivers behind financial decisions, highlighting the importance of qualitative, community-centered research in shaping more effective financial inclusion strategies.

What impact does the project have on your perception of digital financial inclusion?

The research from this project is intended to benefit both individuals in financially underserved communities—specifically those who are unbanked, underbanked, and part of the working poor—and the decision-makers and creators developing digital financial inclusion products and services. For many participants, this research provided a platform to be heard in ways they previously had not experienced. Several expressed surprise and gratitude that their voices mattered, and I emphasized that their perspectives and experiences are critical, as they hold the key to driving meaningful and lasting change.

By collecting this data during my research project as an Interledger ambassador (and continuing to do so after), this work also has the potential to directly influence product creators and organizations as they refine existing tools or build new solutions. The goal is to encourage products that are developed with financially underserved communities and more closely aligned with their real needs, rather than based solely on assumptions or incomplete data.

As Interledger continues to expand its focus on financial inclusion in the United States, this research aims to identify key opportunities and gaps in the market. It can serve as a foundation for Interledger’s thoughtful expansion into a critically underserved space, where its technology and approach have the potential to drive meaningful impact.

Communications and Marketing

During my ambassadorship, I shared updates on my personal LinkedIn page, but since completing, nothing has been shared publicly. However, I will be publishing a data breakdown and a white paper on my fintech's parent company website, CREAMFactory.com.

What’s Next?

I plan to continue this research in 2026. While the specific cities have not yet been finalized, they are set to be confirmed by the end of February 2026, pending some partnerships and grants. In-person case studies are expected to take place between March and September 2026, with the next research update published by the end of the year.

I have already begun conversations with CDFIs and other organizations that have expressed interest in both the current and future findings. I will continue working closely with these partners to ensure the research informs meaningful, positive change in the digital financial inclusion ecosystem.

Community Support

Since I am continuing this work, I'd love to connect with anyone who works with or knows of organizations, fintech founders, and policymakers in the USA that focus on the financially underserved and the inclusion market, as I know this new perspective of backed data will make an impact.

Additional Comments

Relevant Links/Resources (optional)

Financial Exclusion in the Southern U.S. — ILF Ambassador Progress Report

Sheena Allen — Mon, 21 Jul 2025 16:50:44 +0000

Project Update

My research project is progressing well and remains aligned with the original scope of visiting 6–8 cities to conduct in-person case studies with individuals who are unbanked, underbanked, or part of the working poor. As a reminder of my research setup, approximately 85–90% of the selected cities are in the Southern U.S., which is the primary focus of the research. The remaining cities are located outside the South to allow for regional comparison.

To date, I’ve completed case studies in two cities—Miami, FL and the DMV area—and have also conducted interviews with several fintech founders. In total, I’ve engaged with 60 participants so far across these sessions.

A major highlight has been the session in Washington, D.C., which reinforced my belief that many national datasets misrepresent underserved communities due to a lack of culturally competent and trust-based engagement. Participants shared that they likely wouldn’t have been as open or honest if someone less relatable had asked them the same questions. That moment validated the importance of a grassroots, community-centered approach.

One challenge arose in New York City, where I was unable to secure a local partner organization that would have been able to help gather a significant number of participants within the timeline needed. After reassessing, I shifted that planned session to Memphis, TN, where I have stronger local relationships and better alignment with the research goals. This pivot allows the project to stay on schedule without compromising research integrity.

Overall, the project remains on track to be completed within the timeline of my ambassadorship, and I’m encouraged by the depth of insights gathered from both participants and fintech leaders as I head into the second half of the research period.

Progress on Objectives, Key Activities

Below is an update on each original goal and related objectives as outlined in my proposal, including how they’ve progressed or evolved:

Goal 1: Conduct research focused on financially underserved residents in the Southern U.S.

• Objective 1A – Define and Segment the Population
I’ve completed foundational research in two cities and confirmed participant criteria using a combination of referrals from local partners and a screening form via Google Docs. While my original focus was on the unbanked, underbanked, and working poor, I’ve expanded the criteria to include individuals experiencing “Black tax,” a term describing those who earn a decent income but face high financial burdens in supporting their family or community. This evolution aligns with the project’s focus on the emotional and psychological impacts of financial exclusion.

• Objective 1B – Understand Barriers to Financial Inclusion
Conversations have revealed how deeply behavioral, emotional, and generational factors influence financial exclusion. For example, Black male participants in D.C. expressed feelings of systemic exclusion from the American financial system. Additionally, in speaking with the founder of Hustler’s Guild, I learned that many members of her organization remain unbanked due to documentation barriers (e.g., lacking birth certificates), which adds emotional stress.

• Objective 1C – Assess Financial Behaviors & Use of Alternatives
Participants shared how their financial behaviors changed after gaining employment or access to traditional financial systems. Several noted that they shifted from relying solely on platforms like Cash App because their employer required direct deposit to a traditional bank, rather than a digital-only bank or neobank.

• Objective 1D – Evaluate the Impact of Financial Exclusion
Homeownership has emerged as a key theme. While some view it as essential to wealth-building, others expressed contentment with alternative living arrangements, such as living with parents or public housing. These varied perspectives are shaping a more nuanced understanding of financial goals and decision-making across underserved populations.

• Objective 1E – Regional Access Analysis
Initial observations have begun, including the collection of visual data on banking deserts and areas with limited internet access. A more structured mapping will be conducted as additional fieldwork is completed.

Goal 2: Identify and Engage Stakeholders for Solutions
Objective Update 2: I secured partnerships in Miami and the DMV with Kredit Academy and Hustler’s Guild, respectively. I’ve also held discussions with fintech founders, leaders of nonprofit organizations, and advocates for financial inclusion. These relationships have already helped shape insights for my research and introduce the Interledger name to potential collaborators and local influencers in this space.

Goal 3: Comparative Analysis with National Data
Objective Update: 3 I’ve collected and digitally saved reports from the FDIC and other reputable financial sources. Once the case studies are complete, I will conduct a comparative synthesis to highlight gaps, biases, and areas of opportunity that are not reflected in national datasets.

Key Activities Update
• Partnerships: Secured partners in Miami and D.C. Additional partnerships confirmed for August in Jackson, MS and the Mississippi Delta with Black With No Chaser; partnerships pending in Houston and Atlanta.
• Participant Recruitment: Leveraged local organizations, my fintech network, and social media to identify and recruit eligible participants.
• Workshops Conducted: Completed in Washington, D.C. and Miami, FL.
• Documentation: Notes, recordings, and visual materials (photos/videos) are being compiled for the final report.

Additional narrative outputs and visual documentation will be included in the final report once the remaining cities are completed.

What impact does the project have on your perception of digital financial inclusion?

This project is designed to directly impact individuals who are financially underserved, specifically those who are unbanked, underbanked, or part of the working poor. The majority of participants and communities engaged in the research so far are from BIPOC communities, particularly Black and Brown individuals, as well as women who disproportionately face financial exclusion.

By capturing lived experiences through community-based workshops, this project aims to correct skewed or incomplete data often used in national reports and decision-making. The research highlights not only economic barriers but also emotional, cultural, and behavioral factors that influence financial exclusion, which are often overlooked in mainstream analysis.

The long-term impact is intended to support:

Policy change that addresses systemic inequities
Collaboration with financial institutions to build more inclusive services
Development of new financial technologies that are rooted in the actual needs of underserved communities

This aligns directly with the mission of the Interledger Foundation by increasing awareness around digital financial inclusion and supporting future solutions, whether policy-driven or tech-enabled, that advance equity and access in the financial ecosystem.

Communications and Marketing

I have mainly discussed my work via LinkedIn.

Here is an example of a shared post on LinkedIn.

What's Next?

During the remainder of the funded grant period, I will complete research in six additional cities. In August, I’ll focus on Jackson and the Mississippi Delta, along with Memphis, TN. In September, I plan to conduct the final round of case studies in Atlanta, Houston, and New Orleans.

In parallel, I’ll continue interviewing fintech founders and professionals within the financial system to gather expert insights that complement the community-based research.

Once the fieldwork is completed, I’ll begin synthesizing the findings and conducting a comparative analysis against existing reports from institutions such as the FDIC and other major financial research organizations. This will allow me to highlight discrepancies, reinforce community-validated insights, and identify new opportunities for innovation in digital financial inclusion.

Community Support

While I’ve already identified some local partners for the upcoming cities in August and September, I’m always open to additional connections, especially those who can help expand outreach or recommend individuals who meet the participant criteria for interviews.

As a reminder, I’m seeking individuals who identify as:

Unbanked (no traditional bank account)
Underbanked (rely on predatory services or fintech platforms like Cash App or Chime)
Working poor (living paycheck to paycheck)
Experiencing “Black tax” (financially responsible for family members despite individual income growth)

I’ll be conducting research in the following cities: Jackson, MS; the Mississippi Delta; Memphis, TN; New Orleans, LA; Houston, TX; and Atlanta, GA.

If you know of any individuals, organizations, or community groups in these areas who could help make connections or participate in the research, I would greatly appreciate the introduction.

Additional Comments

I have appreciated the work of the Interledger Foundation and the opportunity to be an ambassador. This experience has deepened my commitment to financial inclusion. I believe this is just the beginning, and I’m proud to say I’ve been part of the process at such a foundational stage for the organization.

Financial Gaps in Miami: Reflections on the First Case Study with Kredit Academy

Sheena Allen — Tue, 27 May 2025 14:34:21 +0000

From April 25-27, I conducted the first set of case studies for my research project, Financial Exclusion in the Southern U.S.: The Real Whys, Challenges, and the Potential Role of Digital Inclusion, in Miami. This initiative was done in collaboration with Kredit Academy and its CEO, Evan Leaphart, combining our shared mission of addressing financial exclusion with the community trust Evan has built over the years.

Kredit Academy is a fintech startup dedicated to helping individuals of all ages navigate the path from basic financial literacy to credit mastery. Through its two core products, Kiddie Kredit and Kredit Quest, the company focuses on closing financial and credit-specific knowledge gaps and introducing the right tools at the right time.

I first connected with Evan in 2022 at a fintech conference, and we’ve stayed in touch as fellow founders passionate about financial inclusion. When Miami was selected as a key city for this project, Evan was the first person I reached out to. His deep roots and ongoing community work made Kredit Academy the perfect partner for this research.

The workshop focused on engaging residents of Miami-Dade County who are unbanked, underbanked, or otherwise financially underserved. This area was prioritized because Miami-Dade ranks 5th in the nation among unbanked counties, with nearly 15% of residents unbanked and over 20% underbanked. The primary goal was to conduct in-depth conversations with at least five individuals, laying the groundwork for future studies across 6-8 cities and bigger groups.

The experience offered valuable insights into the financial challenges residents face and the nuances of conducting intimate, community-based research. Two moments in particular stood out:

Trust and Reluctance: One participant was hesitant to engage in a group setting and was deeply concerned about the confidentiality of his information. Building trust took time and reassurance. Ultimately, his relationship with Evan and the credibility of Kredit Academy were key in opening up the conversation. This experience reinforced how essential local trust is when addressing sensitive financial topics.
Diverse Perspectives in a Shared Household: A memorable interview involved a couple—one banked, the other unbanked. While aligned in many aspects of life, their views on money and trust in financial institutions differed due to family history and personal experiences. This dialogue surfaced new, relevant questions not originally on my list, which will now be incorporated into future sessions.

A key takeaway from this workshop was the affirmation of my thesis: in-person, on-the-ground engagement is critical. Virtual conversations cannot replicate the depth, authenticity, and trust built through face-to-face interactions, especially when working with historically underserved communities. Demonstrating empathy, showing that their stories matter, and being present in spaces where they feel comfortable make a significant difference.

Looking ahead, I’m eager to apply these lessons in our next stop, New York City. Partnering with trusted local organizations and approaching each conversation carefully and intentionally will remain central to this project’s success. Ultimately, the goal remains the same: the insights gathered will help shape future and better policies and financial technology solutions designed for true inclusion.

Bridging Financial Gaps in the South Through Community-Led Research

Sheena Allen — Tue, 15 Apr 2025 02:31:34 +0000

My name is Sheena Allen, and I'm a tech founder, international speaker, and advocate for financial inclusion. I grew up in Terry, Mississippi, a small town in a state that continues to rank among the highest for unbanked and underbanked populations in the United States. Financial exclusion wasn't just something I read or heard about from others. Instead, it was something that directly impacted much of my family and community members.

That experience has shaped the foundation of my work. Starting with an idea for a receipt app in 2016, I've spent nearly a decade building within the fintech space, creating products that sit at the intersection of technology and financial empowerment. Most notable was CapWay, a VC-backed digital banking platform focused on creating financial access and opportunities for financially underserved communities. Beyond just debit cards, CapWay also was a platform for financial education.

This year, I'm honored to continue this mission as part of the Interledger Foundation's Ambassador Program. My research project focuses on understanding the financial exclusion experienced by individuals across the Southern United States who are unbanked, underbanked, or otherwise overlooked by the financial system. Through grassroots, community-led workshops and interviews, I'm exploring the deeper systemic and behavioral barriers that prevent people from accessing and trusting financial tools.

Too often, research in this space is limited to surface-level statistics or conducted without meaningful community engagement. My approach prioritizes direct, trust-based conversations to uncover insights that rarely make it into mainstream reports. This includes looking at emotional, generational, and cultural factors, from survival mindsets to the impact of consumerism and social media on financial behavior.

I was introduced to the Interledger Foundation through last year's ambassador, Victoria Coker, who interviewed me for her documentary on the unbanked. After being invited to the summit and becoming more familiar with the overall work of the foundation, I realized how Interledger's mission of removing barriers and fostering financial access for all aligned with the work I was already deeply ingrained in doing.

Through this ambassadorship, I hope to contribute a clearer, more nuanced understanding of financial exclusion in the South (and beyond) and help shape the future of inclusive financial technologies. I believe the stories and solutions that emerge from this work can fuel meaningful innovation, not only for the United States but for financially underserved communities worldwide.