Toronto’s Alternative Finance: Meet the Powerful Black ‘Banker Ladies’

The Black ‘Banker Ladies’ in Toronto have created a community-based finance system called Rotating Savings and Credit Associations (ROSCAs) that is helping marginalized individuals who are unable to access traditional banking services. These Black-led mutual aid groups have been established based on traditional African systems of social relations and have provided a source of financial support for members. The Banker Ladies Council in Toronto aims to raise awareness of these alternative finance systems and has received support from Meridian Credit Union to build out its own rotating and savings network. Additionally, the group hopes to connect with other financial institutions in Toronto to promote their community-driven approach to finance. By embracing the Black social economy, the Banker Ladies are working to create a decentralized, independent, and cooperative financial system that offers an alternative to the centralized banking system in Canada.