Note from BW of Brazil: So there’s been a lot of talk in recent years on this concept of “Black Money“. With the rise of Afro-Brazilians entering the world of self-employment, business and products specifically aimed at Brazil’s black population, I will say that I am intrigued by the idea. For me, it’s really the only way for black people to begin to remove themselves from an endless cycle of dependence on the larger society. But there are a number of problems with the concept. It’s only been within the last few decades or so in which black Brazilians on a wide level have had a deep understanding of what black identity really is and, quiet as it’s kept, there are still large quantities of would be blacks who still don’t see themselves as black all over the country. And even within the so-called “conscious communities” who can’t grasp the most basic concept of black community begins with black family: black man, black woman and black child.
Until people can understand this building block, ultimately, any idea of “Black Money” is bound to fail. Besides that, when there is no community that understands the power and necessity of buying black and circulating currency through several black hands so that that money remains in the community, ultimately, all that will happen is make a few black people very wealthy at the expense of the masses, the situation of which changes very little if at all. Have we not learned this from the situation of African-Americans?
Far from being a naysayer, I hope this concept grows, but there is still an enormous need for community building, organization, unity, and education to see something like this work. Most def gonna be keeping my eyes on this!
First digital bank for blacks to ease financing for Afro-entrepreneurs
By Silvia Nascimento
It’s harder to get credit when you’re black. Despite the various initiatives to orient the afro-empreendedor (Afro-entrepreneur), through events focused on capacity building, many are already at an advanced level in terms of developing their business but lack the money to grow.
Knowing latent structural racism in Brazil, we don’t need to guess what happens when an empresário negro (black businessman) sits at the desk of a bank manager to ask for credit. If the business is focused on the comunidade negra (black community) then it is almost impossible to get some money to raise your working capital or finance the purchase of new equipment.
Conta Black (Black Account), which will be officially launched on October 31st, during the Black Summit: Precisamos falar sobre “Black Money” (Black Summit: We need to talk about “Black Money) event, is a digital bank focused not only on Afro-entrepreneurs, but on people from the black community in general, who according to surveys, are the ones that have the most difficulty accessing banks.
“We cannot accept the bank exclusion without trying to find a solution. According to the latest IBGE study, about 60 million people in Brazil do not have access to basic banking services. If the black population corresponds to more than half of the population, we already know numerically speaking the ethnic profile of the desbancarizados (without a bank),” explains Sérgio All, CEO and Founder of Afrobusiness, an association for the promotion and integration of black professionals and entrepreneurs that is a partner of the Conta Black project.
In the US where Afro-entrepreneurship is light years ahead of development compared to Brazil, financial organizations with a focus on black entrepreneurs were key. An example is One United. A total of $100 million was invested, especially in small businesses, after a careful evaluation.
Making the client feel special and motivated is part of the Conta Digital project, considering that racism manifests itself in the form of denial of credit and poor service.
“The black entrepreneur has credit denied three times more than white, in the same (social) situation, here in Brazil. That is, we have a portion of the population mostly black, which is not served in a dignified manner and Conta Black as a Fintech (digital bank), proposes to help in solving this problem. Our performance will be gradual and divided in phases. Users will have an important stake in driving feedback from each of the steps,” explains the CEO of Afrobusiness.
Sérgio All sees the niche business focused on the black community optimistically. “I believe that Afro-Entrepreneurship has had a lot of visibility in the year 2017. The concept has become more and more widespread so that entrepreneurs have more opportunities to train and leverage their performance. I believe that in the coming years surely the entrepreneurs of the Afro niche who have prepared themselves will surf on this wave.”
The Afrobusiness event on October 31 will bring influential black community names to talk about afroconsumo (Afro-Consumption), black money and even billion-dollar deals. The event takes place at the charming Sheraton WTC Hotel in São Paulo. For more details click here.
Source: Mundo Negro