Master P, the Hip-Hop mogul with few peers, is about to launch a new banking institutions in an effort to help disenfranchised individuals and those suffering from a lack of access to capital.
Master P‘s BossUp Bank is, by design, an outlet that will target 63 million Americans that have been refused lending by traditional banking systems.
“We have created an avenue for the culture to learn more about banking and the importance of knowing your money.,” Percy “Master P” Miller told AllHipHop in an exclusive statement.
P has a team of partners in the venture, including James Lindsay (Founder, Rap Snacks), Jon Gosier (Tech Investor, Venture Capitalist) and James Elam (Entrepreneur, Techno-Creative, TV/Film Producer) and others.
The New Orleans-bred business man and one-time Hip-Hop artist said that a huge swath of the general population deals exclusively with cash and not just because they want to.
“There is a large part of the population who only deals with cash because they can’t get a bank account,” continued Master P. “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.”
The primary partners see their venture as one that can address systemic wrongs and mistrust of financial institutions as well. And, James Lindsay maintains they also have a way to get directly to their constituents.
“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,” said James Lindsay. “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.”
Bossupbank.com has already launched and allows people to subscribe for more information. The entire service will formally begin in the spring of 2021.
“We have created an avenue for the culture to learn more about banking and the importance of knowing your money,” P finished. “If you are interested in building and understanding your finances, we encourage all to go to our website and sign up.”
P said they are a start contrast to check-cashing services, money orders, pawnshop loans, payday lenders, and even pre-paid cards. BossUp Bank will help people build credit as well.