Financial inclusion isn’t just about giving people access to an account. It’s about creating systems that help people reach goals they may never have been able to achieve by themselves.
Most of us take it for granted that we can open a bank or a credit card. But the truth is, according to the World Bank, close to one-third of adults — 1.7 billion — are still unbanked, and have no access to a transaction account. About half of unbanked people include women in poor households in rural areas or out of the workforce. What can be done and what is being done to promote more financial inclusion? To address this Authority Magazine started a new series about Companies Helping To Promote Financial Inclusion. As part of this series I had the pleasure to interview JT Shaheen.
Memphis native JT Shaheen is no stranger to building and scaling companies. From software development ventures to exterior restoration businesses, his career has been defined by a diverse set of experiences and a passion for solving complex problems. His latest venture has brought him into the world of financial technology, where he identified a significant gap in how people prepare financially for life’s most important milestones. That insight led to the creation of Mo CrowdSavings; inspired by the collaborative spirit of crowdfunding but designed for proactive financial planning, Mo enables families, friends, and communities to save together toward meaningful life goals. Whether it’s planning a long-awaited family vacation, preparing for a child’s education, or building a down payment fund for a first home, Mo transforms saving into a shared experience. Combining social engagement, gamification, and modern financial technology, Mo creates a unique platform that helps people prepare for the future together. By turning life’s biggest moments into collective goals, Mo is redefining how families and communities plan, save, and celebrate what comes next.
Thank you so much for joining us in this interview series! Before we dig in, our readers would like to ‘get to know you’. Can you tell us a bit about how you grew up?
I grew up in South Georgia and lived there through middle school before moving to Memphis in the seventh grade. At the time, Memphis was a hub for aspiring musicians, and music quickly became a major part of my life. Throughout my teens and well into my twenties, I spent my time writing, performing, producing, and recording music. Looking back, entrepreneurship and creativity have always gone hand in hand for me. Long before I was building companies, I was creating. Music taught me how to develop ideas, tell stories, connect with people, and bring something from concept to reality. While the medium has changed over the years, the passion for building and creating started at a very early age and continues to drive everything I do today.
Is there a particular book that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
I don’t read as much as I’d like to, but one of the most impactful books I’ve read recently is Psycho-Cybernetics by Maxwell Maltz. The book explores the powerful connection between self-image, mindset, and personal achievement through the unique perspective of a lifelong plastic surgeon who became fascinated by human psychology. What makes the book so compelling is Maltz’s observation that changing a person’s external appearance often wasn’t enough to change how they saw themselves internally. His work ultimately led him to explore the role that self-perception plays in success, confidence, and behavior. It’s a fascinating read that challenges you to think differently about the stories you tell yourself and the impact they have on your life.
Do you have a favorite “Life Lesson Quote”? Do you have a story about how that was relevant in your life or your work?
One of my favorite answers to the question, “What’s a piece of advice you’ve been given that turned out to be a lie?” is: “It’s not that simple.” In my experience, that’s often one of the biggest misconceptions people carry. More often than not, it actually is that simple. Not easy, but simple. People tend to overcomplicate goals, businesses, relationships, and personal growth. They convince themselves there must be some hidden complexity or secret formula. In reality, success usually comes from doing the obvious things consistently. Take the task that’s supposedly too complicated, break it down into manageable pieces. It becomes… “that simple.”
How do you define “Leadership”? Can you explain what you mean or give an example?
Leadership is the ability to explain the “why” behind the work, while management is focused on organizing and executing the work itself. Understanding the distinction between leadership and management is a foundational requirement for anyone entrusted with leading others, whether in their professional career or personal life. Managers ensure tasks are completed efficiently. Leaders create clarity, purpose, and alignment around those tasks. Both roles are important, but people are far more likely to commit to a mission when they understand why it matters. The most effective leaders recognize that their responsibility extends beyond directing activity. They must inspire belief in the destination and help others see their role in achieving it.
Can you share the most interesting story that happened to you since you began your career?
When I first started developing the concept for Mo, I kept coming back to the same question: There’s no way this hasn’t been done before. As it turns out, it had. Companies have circled around this idea for years. What fascinated me wasn’t that others had attempted it, but why none of them ever successfully brought it to market. What we found was one of the most interesting discoveries of my professional career, venture capital and the traditional startup playbook have repeatedly suffocated this concept in its infancy. Time and again, teams were pressured to launch half-built products under the banner of an “MVP” or minimum viable product. That approach may work for social apps or software tools, but it’s a dangerous strategy when you’re building a platform centered around people’s life goals, financial planning, and money. The second mistake was even more interesting. Nearly every company focused its value proposition on the investment vehicle itself. Investors and founders alike became convinced that users would only care if they could choose from different yield options, investment strategies, or interest-rate products. While Mo absolutely has a responsibility to secure competitive returns for its community of savers, that’s not what creates the value. The value is in the ecosystem.
Ok, thank you for all that. Now let’s move to the main focus of our interview. Let’s start with a basic definition so that all of our readers are on the same page. What exactly is Financial Inclusion?
Financial inclusion is the idea that everyone, regardless of income, background, or financial sophistication, should have access to the tools and opportunities needed to participate in the financial system and improve their lives. Traditionally, financial inclusion has focused on access to bank accounts, credit, payments, and investment products. Those things are important, but I think the conversation is incomplete. At Mo, we view financial inclusion through a different lens. It’s not just about giving people access to financial products. It’s about giving people access to financial outcomes. The reality is that many life milestones, whether it’s buying a first car, funding an education, taking a family vacation, starting a business, or purchasing a home, have become increasingly difficult to achieve alone. Yet most people already have a community willing to help them get there. The problem is there has never been an organized system for families and friends to save toward those goals together. That’s where Mo comes in. We believe financial inclusion means making it easier for everyday people to access the collective financial power of their communities. By enabling families and friends to contribute small amounts over time toward shared goals, we’re creating a new pathway to financial progress that doesn’t rely solely on income, debt, or traditional financial products. In simple terms, financial inclusion is helping more people participate in opportunity. Mo’s mission is to make sure they don’t have to do it alone.
What does it mean to be “unbanked”?
Most people define “unbanked” as someone who doesn’t have a bank account or access to traditional financial services. While that’s technically correct, I think the definition is far too narrow. To me, being unbanked isn’t just about lacking access to a financial institution. It’s about lacking access to financial progress. Someone can have a checking account, a debit card, and a banking app on their phone and still be effectively unbanked when it comes to achieving life’s biggest goals. If they have no realistic path to saving for a first home, funding their child’s education, buying a reliable vehicle, or taking care of a major life event, then the financial system isn’t truly working for them. At Mo, we believe there’s another form of being unbanked: being disconnected from the collective financial power of your community. Historically, families and communities helped one another prepare for life’s milestones. Somewhere along the way, we replaced those community-driven systems with products, loans, and individual responsibility. While those tools have their place, they don’t solve every problem. Mo’s mission is to reconnect people with a financial resource they’ve always had: each other. We enable families and friends to save together toward meaningful goals, transforming dozens of small contributions into life-changing outcomes. In that sense, financial inclusion isn’t simply getting someone into a bank account. It’s giving them access to a pathway that helps them achieve the future they want. And sometimes that pathway starts not with a bank, but with a community.
For the benefit of our readers, can you explain some of the typical reasons why a person might be unbanked? Why can’t they just walk into the local bank and open an account? Why can’t they simply open an account online?
When most people hear the term “unbanked,” they assume it means someone simply hasn’t gotten around to opening a bank account. In reality, the reasons are often much more complex. For some, it’s a matter of trust. Many unbanked individuals have had negative experiences with financial institutions, whether through unexpected fees, overdraft charges, account closures, or simply feeling misunderstood by the system. Others may have been denied accounts due to prior banking issues reported through systems, making it difficult to open a new account even if they want one. There are also practical barriers. Some people lack the required identification, proof of address, consistent internet access, or other documentation needed to open and maintain an account. Others may live paycheck to paycheck and view minimum balance requirements, fees, or account restrictions as risks rather than benefits. But I think there’s a deeper issue that often gets overlooked. Many people aren’t excluded from the financial system because they lack access to a bank account. They’re excluded because the products available don’t help them solve the problems they actually face. A checking account by itself doesn’t help someone save for a down payment. A savins account doesn’t automatically rally family members around a child’s education fund. Traditional banking products are designed to store money, but they aren’t always designed to help communities coordinate around shared financial goals. That’s one of the reasons we built Mo. We believe financial inclusion should go beyond access to an account. It should include access to tools that help people achieve meaningful life outcomes. In many cases, the challenge isn’t getting someone into a bank. It’s creating systems that make saving, planning, and achieving important milestones feel possible in the first place. The question shouldn’t just be, “Can they open an account?” The question should be, “Does the financial system give them a realistic path to reach their goals?” Too often, the answer is still no.
Can you tell our readers a bit about your work to promote Financial Inclusion? Without saying names, can you share a story about a person who was helped by your initiative?
One of the things we’re most passionate about at Mo is expanding the definition of financial inclusion beyond access to banking products and focusing instead on access to financial outcomes. A great example of this is our upcoming Memphis Saves initiative, which we’re launching in partnership with RISE Memphis, a nonprofit organization dedicated to improving financial literacy and economic mobility throughout our community. The goal is simple: help more families move from short-term financial survival to long-term financial planning. Through this initiative, we’re creating opportunities for individuals and families to establish meaningful savings goals, engage their support networks, and build positive financial habits over time. We believe financial progress is often easier when it’s visible, celebrated, and shared with the people who care about your success. One story that stands out involves a young woman who had a clear goal of purchasing reliable transportation so she could expand her employment opportunities. Like many people, she wasn’t lacking ambition. She was lacking a system. Saving several thousand dollars on a limited income felt overwhelming, and the goal continued to get pushed further into the future. What changed wasn’t her determination. What changed was her support structure. When family members and close friends were given a simple way to participate in her journey, small contributions began to add up. More importantly, the emotional support and accountability created momentum. What once felt impossible became achievable because the burden no longer rested on one person alone. That’s the core idea behind both Memphis Saves and Mo. Financial inclusion isn’t just about giving people access to an account. It’s about creating systems that help people reach goals they may never have been able to achieve by themselves. When communities save together, they don’t just build balances. They build opportunity. That’s the future we’re working toward.
This may be obvious to you, but it will be helpful to spell this out. Can you articulate to our readers a few reasons why it is so important for businesses to promote financial inclusion?
I actually don’t think the importance of financial inclusion is as obvious as many people assume. For decades, businesses have viewed financial inclusion primarily as a social responsibility initiative. In reality, it’s also one of the largest economic opportunities of our generation. First, financial inclusion expands participation. When more people have access to tools that help them save, plan, and achieve financial stability, they become more active participants in the economy. They buy homes, start businesses, invest in education, purchase vehicles, and contribute to local economic growth. That’s good for families, communities, and businesses alike. Second, financial inclusion builds stronger customer relationships. Businesses that help consumers make progress toward meaningful goals create trust that goes far beyond a transaction. People remember the organizations that helped them achieve something important in their lives. Third, financial inclusion creates entirely new markets. Millions of Americans are underserved by traditional financial products, not because they lack ambition, but because existing solutions weren’t built around how they actually live, save, and plan. Companies that solve those problems responsibly have the opportunity to create tremendous value while making a meaningful impact. Finally, and perhaps most importantly, financial inclusion strengthens communities. Financial stress impacts everything from health and education to workforce participation and family stability. When businesses invest in helping people build financial resilience, they’re investing in the long-term health of the communities they serve. At Mo, we believe financial inclusion is ultimately about expanding opportunity. The more people who have a realistic path toward achieving life’s important milestones, the stronger our communities become. Businesses that embrace that mission aren’t just doing something good. They’re helping build a more sustainable and prosperous future for everyone.
Ok. Here is the main question of our discussion. You are an influential business leader. Can you please share your “5 Steps Businesses Should Take To Promote Financial Inclusion”. Kindly share a story or example for each.
1. Focus on Outcomes, Not Products
Too many businesses define financial inclusion as giving people access to a product. Real inclusion happens when people achieve an outcome that meaningfully improves their lives. For example, someone may have a checking account, debit card, and credit card, yet still have no realistic path to purchasing a vehicle, buying a home, or funding their child’s education. At Mo, we start with the life goal and work backward. The product should serve the outcome, not the other way around.
2. Build Around How People Actually Behave
One of the biggest mistakes businesses make is expecting consumers to adapt to financial products. The best solutions adapt to consumers. Throughout history, families have pooled resources to help one another achieve important milestones. We see this every day at weddings, graduations, church fundraisers, and community events. Rather than fighting that behavior, businesses should embrace it. Mo was built on the belief that people naturally want to support one another’s goals if given the right tools to do so.
3. Make Financial Progress Visible and Celebrated
People are more likely to stay engaged when they can see progress and feel momentum. Through initiatives like our upcoming Memphis Saves campaign, we’re exploring ways to make saving more social, encouraging, and rewarding. Imagine a family watching a first-home fund grow month after month as relatives contribute small amounts over time. The financial progress matters, but so does the sense of shared accomplishment. Inclusion increases when people feel connected to the journey.
4. Partner With Organizations Already Doing the Work
Businesses don’t need to solve every problem alone. One reason we’re excited about partnering with RISE Memphis is that they have spent years building trust, providing financial education, and helping individuals improve their financial futures. Businesses can dramatically increase their impact by working alongside nonprofits, schools, churches, and community organizations that already understand the populations they serve. Financial inclusion moves faster when communities and businesses work together.
5. Listen More Than You Prescribe
Perhaps the most important lesson I’ve learned is that businesses should spend less time telling people what they need and more time observing how they already solve problems. The original vision for Mo changed significantly as we listened to families discuss their goals. We discovered that people weren’t asking for another investment product. They were asking for a better way to save together. That insight fundamentally shaped the platform. The most inclusive solutions are often found by paying attention to the people you’re trying to serve rather than forcing them into an existing playbook. At its core, financial inclusion is about expanding opportunity. Businesses that succeed in this space will be the ones that focus less on transactions and more on helping people achieve meaningful progress in their lives. When people have a realistic path toward their goals, everyone benefits: families, communities, and the businesses that serve them.
You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
If I could inspire one movement capable of improving the lives of millions of people, it would be the creation of a National, and ultimately Global, CrowdSavings Movement. For generations, communities saved together. Families helped families. Neighbors helped neighbors. Churches, civic groups, and local communities rallied around important life milestones. Somewhere along the way, we became convinced that financial success was an individual pursuit, when in reality some of humanity’s greatest achievements have always been collective. Imagine a world where every child has a community helping them prepare for college. Where every first-time homebuyer has family and friends contributing small amounts over several years toward a down payment. Where grandparents, aunts, uncles, coworkers, and lifelong friends can participate in life’s biggest moments…long before they happen. The math is surprisingly simple. Most people don’t need a single person to give them $10,000. They need 8 people willing to contribute $50 or $70 a month over time. The challenge has never been generosity. The challenge has been organization. That’s the movement I hope Mo helps ignite. Not another investment trend. Not another financial product. A cultural shift. A shift from reacting to life’s milestones to preparing for them. A shift from saving alone to saving together. A shift from financial isolation to financial community. What excites me most is that this idea extends far beyond any one company, city, or country. The desire to help the people we love is universal. Whether you’re in Memphis, Mumbai, London, or São Paulo, people share the same hopes for their children, their families, and their future. I believe we’re entering a period where technology can finally reconnect us with one of the oldest human behaviors: collective preparation. If we can build systems that allow communities to save together at scale, we won’t just create better financial outcomes. We’ll strengthen families, deepen relationships, and create new pathways to opportunity for millions of people. If that movement succeeds, the legacy won’t be that we built a successful fintech company. The legacy will be that we helped create a world where no one has to prepare for life’s most important moments alone.
Is there a person in the world, or in the US, with whom you would like to have a private breakfast or lunch, and why? He or she might just see this, especially if we tag them. 🙂
Without question, it would be Sam Altman. Most people would assume I’d want to talk to him about artificial intelligence, but that’s actually not what fascinates me most. What interests me is the sequence of decisions that led him to where he is today. Here’s someone who had already achieved extraordinary success through Y Combinator, helping shape and fund many of the world’s most influential startups. He could have continued investing, advising, and building wealth through traditional venture capital. Instead, he chose to dedicate a significant portion of his career to one of the most consequential challenges humanity has ever faced: the development of artificial intelligence. That decision alone raises a hundred questions I’d love to explore. What did he see that others didn’t? At what point did he become convinced that AI would fundamentally reshape civilization? How does he balance the enormous opportunities with the equally enormous responsibilities? And perhaps most importantly, how does he think about building institutions that can positively influence humanity on a generational timescale? What makes Sam unique isn’t just his technical understanding. It’s his ability to think several decades ahead while simultaneously operating in the present. Very few people have had a front-row seat to both the startup ecosystem and what may become the most transformative technological shift in human history. If I had the opportunity to sit down with him over breakfast, I’d spend far less time asking questions and far more time listening. People like Sam occasionally encounter inflection points before the rest of the world recognizes them. Understanding how he identifies those moments, evaluates them, and acts on them would be an invaluable lesson for any entrepreneur. The reality is that most founders are trying to build successful companies. Sam Altman chose to help shape the future. That’s a conversation I’d love to have.
How can our readers further follow your work online?
The best place to follow my work is through Mo at www.LetsMo.com, where we’re building what we hope becomes the foundation of the CrowdSavings movement. You’ll find updates on our mission, product development, partnerships, and our efforts to help families and communities prepare for life’s most important milestones together. I’m also fairly active on LinkedIn, where I regularly share thoughts on entrepreneurship, startup building, leadership, and the lessons that come with scaling businesses. It’s also where I tend to document the journey of building Mo in real time, including both the successes and the challenges. LinkedIn: https://www.linkedin.com/in/letsmojt/. For anyone interested in the future of financial technology, community-driven savings, or the broader conversation around helping people achieve meaningful life goals, I’d love to connect and continue the discussion.
This was very meaningful, thank you so much. We wish you only continued success on your great work!
JT Shaheen of Mo CrowdSavings On How They Are Helping To Promote Financial Inclusion was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.