Posts Tagged ‘nickels’

Maggie Walker: 1st Black Woman Banker

Posted by admin on Wednesday, August 23, 2017

Maggie Walker Money Quote saying as the founder of the first St. Luke Penny Savings Bank in 1903, that minority businesses should pool their resources in a black owned institution to thrive. Maggie Walker said:
 
Let us have a bank that will turn nickels into dollars Quote
 

“Let us put our moneys together. Let us have a bank that will take the nickels and turn them into dollars” — Maggie Walker

 

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Maggie Walker seems to be advocating for community cooperation and pooling financial resources. Her point was that by collectively saving even small amounts of money, such as nickels, and depositing them in a shared “bank”, those individual contributions could accumulate into much larger sums, like dollars.

She may have been promoting the idea of community banking or credit unions as a way for ordinary citizens, especially those with limited means, to benefit from the multiplier effects of collective savings and lending.

Her quote encourages working together and sharing resources for mutual benefit, turning modest individual savings into greater community wealth through a cooperative banking model.

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