Taking charge of financial inclusion

Uniquely positioned to meet the financial needs of the diverse communities they serve, MDIs and CDFIs are often the first line of support when it comes to the financial well-being of individuals and small to midsize businesses.

What is a MDI?

MDIs are private financial institutions that serve Black, Latino/Hispanic, Native American and Asian American communities. To qualify, 51% of the voting stock must be minority-owned or a minority-majority board of directors serving mostly minority communities.

What is a CDFI?

CDFIs are private financial institutions – including banks, credit unions, loan providers and venture capital firms – that provide fair and affordable financing to low-to-moderate income and disadvantaged communities.

Striving to build a more inclusive economy, FIS has:

  • Established a MDI and CDFI client-led steering committee
  • Maintained strong ties with our trade association partners
  • Prioritized collaboration with regulatory agencies on MDI and CDFI initiatives
  • Fostered inclusivity through financial offerings for underserved communities
Man operating ATM

Bridging the financial gap

FIS’ dedication to financial inclusion has led to an extended collaboration with the Cities for Financial Empowerment Fund’s Bank On initiative, working towards ensuring that everyone, especially the unbanked and underbanked, can access secure and affordable transactional checking accounts.

0
M
American households are unbanked or underbanked
Source: Federal Deposit Insurance Corporation: 2021 National Survey of Unbanked and Underbanked Households

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