March 27th, 2017 / Innovate Finance / Day 2, Exhibitors, Exhibitors for IFGS2017, IFGS 2017, Pitch360
NOW Money uses mobile banking technology to bring accounts and remittance to the unbanked population of the Middle East. It provides a convenient and easy to use solution for those currently excluded from the financial system, bringing full access to the financial system, and significant savings on remittance.
WHAT CAN WE EXPECT FROM YOUR PITCH AT IFGS?
Banking is difficult, expensive, or inaccessible for anyone earning less than US$1,500 equivalent per month in the Middle East. In the Gulf Countries these are typically migrant workers from India, Bangladesh, Pakistan and the Philippines. These people work long hours in poor conditions to send money home to support their families. The majority of them have infrequent and short windows of time off, and currently have to spend this taking long trips to ATMs and exchange houses in order to remit money, where they are charged high fees and given poor FX rates. NOW Money wishes to showcase its innovative solution, which brings together existing players in the ecosystem to for the first time allow low-income migrant workers in the Gulf countries to have accounts, a spending card, manage their finances, pay bills and remit money at low cost directly from their smartphone.
- EMEA (excluding UK)
- Financial Institutions
- Policy Makers