Houston-based fintech offers to help Afghan refugees establish financial lives

Fair, a neobank that is a subsidiary of Houston-based tech firm Amsys Group, is working with Austin-based nonprofit World Relief to help Afghan refugees set up bank accounts and other financial products after they arrive in the U.S.

Why should we care?
The number of neobanks that cater to unique segments of the population have grown in recent years, including MAJORITY, which serves various immigrant communities in the U.S.; Greenwood, a mobile banking platform serving Black and Latino customers; and Cheese, a neobank targeting Asian-American immigrant communities. Fair is partnering with World Relief to help incoming Afghan refugees set up free bank accounts, receive financial counseling, and open investment accounts. Fair’s product offerings have the advantage of being halal-compliant. Fair’s accounts don’t earn interest, and the company pays dividends as a form of profit sharing. “The [traditional U.S.] banking institutions that we have are not halal-compliant, or there are language barriers,” said Calla Parker, strategic partnerships director for World Relief. Amsys Foundation is donating smartphones to Afghan refugees who open Fair accounts. Fair is partnering with Washington-based Coastal Community Bank to offer bank accounts.