Master P is planning to launch a new banking alternative later this year called BossUp Bank to help those shut out from traditional banking systems. According to the business mogul, more than 63 million Americans are refused bank accounts by traditional lenders or are forced to pay high fees when using check-cashing facilities, money orders, pawnshop loans, payday lenders and pre-paid cards.
The No Limit CEO wants to provide a better alternative to those who can’t obtain a bank account and help them build up their credit.
“There is a large part of the population who only deals with cash because they can’t get a bank account,” Master P spoke said in a statement from BossUp. “What are they supposed to do? They may have lost their jobs in the pandemic, which resulted in bad credit or they are considered uncreditworthy. To conduct business in your everyday life, you need a bank. BossUp Bank believes in second chances, and we’re ready to help. We not only want to be a trustworthy banking partner, but we want to help them build their credit scores. We’re leveling the playing field.”
Master P founded BossUp with his Rap Snacks partner James Lindsey, venture capitalist and tech investor Jon Glasier, and film producer James Elam. They will also provide lending services and an ATM network throughout the country.
“Our model is based upon improving trust within the underbanked community. One way of doing that is by creating opportunities for growth within our bank,” Lindsey explained. “Because of Rap Snacks, we already have an established distribution network to retail stores in over 70 cities. We will employ an ATM franchise network so that small business owners can earn money and become more profitable with us by installing BossUp ATMs in their establishments. And to make it easier for customers to make cash deposits, they can do it through cash registers as well.”
Efforts are now underway to identify more banking partners across the U.S., and BossUp is scheduled to launch in the second quarter of 2021. “We have created an avenue for the culture to learn more about banking and the importance of knowing your money,” Master P said. “If you are interested in building and understanding your finances, we encourage all to go to our website and sign up.”
More information on Master P’s newest banking endeavor can be found at www.bossupbank.com.