Mango Financial, Inc., a financial services firm dedicated to serving unbanked consumers, today celebrated the official opening of the nation’s first Mango Store. The store offers a host of innovative, low-fee money management solutions, including the MangoTM MasterCard® Prepaid Card and integrated YAPTM branded mobile money transfer service and free alternatives to pricey check cashing services.
The store, located at 529 W. Oltorf Street in Austin, Texas, has been pilot testing and refining its services based on feedback from Mango Members since December 2009. Mango is designed to introduce a greater level of transparency and a higher level of service and product integration to individuals who either don’t qualify for conventional bank services or prefer not to use them. According to the FDIC, approximately one-third of Central Texas households are unbanked or underbanked (compared to an estimated 25.6 percent of U.S. households).