Def Jam co-founder Russell Simmons has branched into a new area - banking.

Simmons, founder of PHAT FARM men's apparel, has launched a prepaid VISA debit card that caters to the 48 million Americans without a bank account. Card users send in a cheque loaded onto the card or arrange for direct deposit of their paycheque.

He says, "This is the plastic you need so you can buy your kid's school books, so you can be part of the world."

15/05/2003 21:32