Revolutionizing Banking for Newcomers: How Kingsley Madu’s Trailblazing Credit Union is Changing the Game in Canada!
Kingsley Madu, an immigrant from Nigeria, encountered significant challenges upon arriving in Canada due to the absence of a credit history. These obstacles ranged from being unable to access services like Uber, which mandated a Canadian credit card, to facing difficulties in securing a hotel room or apartment without a Canadian banking history or credit card.
In response to these challenges, Madu is spearheading the establishment of Expedier, a BIPOC-focused credit union in Canada aimed at assisting newcomers lacking credit histories. The credit union plans to tackle these issues by providing digital banking services, offering credit cards, and integrating monthly rent payments into credit scores through a partnership with Equifax. Expedier aims to bridge the financial service gap for new immigrants and individuals without credit histories in Canada.
To facilitate its launch, Expedier has garnered support, forged partnerships, and secured funding. Madu has actively developed the mobile app for Expedier and has secured partnerships with entities such as the Digital Commerce Bank in Calgary and Equifax. Additionally, Expedier has gained acceptance into several incubator programs, including a Google incubator program that injected $300,000 in funds and Liftoff, a tech incubator operated by the Caribbean Canadian Association of Waterloo Region.
Madu’s objective is to obtain a provisional license by January 2024 from federal banking regulators to initiate operations and subsequently acquire a full operational license within a year. To meet regulatory requirements, Expedier plans to raise the necessary $1 million in assets from the over 5,000 individuals who have already signed up for its services.
Apart from his work on Expedier, Kingsley Madu also teaches at Conestoga College and develops software for an ed-tech startup called Let’s Talk Science, demonstrating his multifaceted involvement in the tech and education sectors.
Source: TheSpec article