Micro Banking
Micro Banking
Most of the population in developing countries does not have a bank account, nor do they have any financial investments like stocks, bonds, or mutual funds. Large banks in large cities are intimidating and transportation from rural areas is time consuming and expensive. Wire transfers of funds from relatives in other parts of the world are common, but fees are exorbitant and access to transfer facilities is limited.
Telserra wants to change all that and with our portable banking solution, there’s no reason why emerging markets can’t enjoy all the convenience of having a full service bank on the nearest corner. Our technology allows any corner retailer to turn into a banking center where customers can deposit and withdraw funds, transfer money, and make investments in securities, regardless of how much money they have. Take that one step further to local bank agents who provide door-to-door service in villages and rural areas, all made possible with Telserra’s mobile solutions. It’s all about banking the unbanked, which grows wealth for everybody.
How life is different?
Today, when someone from the US transfers funds to a relative in Latin America, they typically have to pay a 10% service charge, which is a lot of money for anybody, but especially those with lower incomes. The person on the receiving end may also have to pay a fee to get the money and may also have to travel a long distance just to get to a location that handles wire transfers. With Telserra’s mobile solution, most banking services, including wire transfers can be accessed at the nearest corner retailer, with much lower service fees. Further, funds can be converted to store credits or to a stored value card for added security and safety.
