Remittances and Cross-Border Payment Solution for Lebanon

Mobile to Mobile Money

Easier. Faster. Safer.

Bankey is launching a borderless peer-to-peer mobile money platform that enables the unbanked population to participate in the modern economy by connecting users with a community of individuals and businesses to facilitate domestic transactions. It allows consumers to easily store funds, instantly receive and send money and safely pay for goods and services, all from their mobile devices anywhere in the world and at a low cost

Bankey will first offer its remittance service to Lebanon as a point of entry for USD into the  Lebanese economy and as a pathway to financial inclusion. Later on, it is planning to roll out the service in other relevant markets with the goal to empower other populations and become even more global, in the long run.

Driven by inward remittances, the solution not only brings financial services to the consumer, it also provides a mechanism for the unbanked to securely store funds, establish a financial footprint, and build a bridge towards formal banking relationships. This evokes a sentiment of inclusion within the community and empowers the economies that rely significantly on remittances. 

In Lebanon, more than half of the population doesn’t have access to the financial system, this means that they are unable to save for the future, access credit, invest in opportunities, receive remittance or ensure their money is safe. In the past few months, the problem has only gotten worse. Since the political revolution in the country and the pandemic due to the Co-Vid 19, there has been a shortage of foreign currency, a drop in foreign remittance, and domestic inflation, causing the middle class to fall into poverty and the poor become even poorer. The explosion that impacted Beirut on August 4th, 2020, deepened the problems prior the country had been already facing.

This project was born out of the need of Moataz Alobaid, a Lebanese Immigrant living in the US, whose family is still living in Lebanon, to easily, safely and fast way to send money to his family. Every month, he sends money back home to support, not only them, but also the country’s economy. However, him and his family members have been facing some problems that are making this task hard: only one of his brothers owns a bank account, the rest have to rely on financial services providers who charge high fees for each transaction, have difficulties in receiving USD and whose offices are far away from their home, forcing them to leave their house and travel miles away, in the middle of a pandemic. 

In order to mitigate this situation for him and the rest of the Lebanese diasporas, he developed a mobile money platform that aims to empower the Lebanese population. 

The beta version of the mobile application is now available on Google Play and the App Store to download for free.

By bringing money to people’s fingertips, Bankey is revolutionizing the way we think about access to our money. Bankey will serve unbanked populations in Lebanon and the MENA region. People will be able to participate in an economy that has previously excluded them.  

Establishing a dependable method of value exchange connected to a human network and scaled by technology could create tremendous financial impact for unbanked communities in Lebanon and beyond. 

Meet Bankey

I grew up in a large family of 8 people in a small village in Lebanon. Everyone in the family has a smartphone. But, only two of us, my brother and I, have bank accounts. We have access to financial services that the rest of my family, as well as many others, don’t. 

My story is not unique. More than 1.7 Billion people worldwide are, like my family, still unbanked, which means they do not have basic access to the financial system. Yet, two-thirds of them own a mobile phone. They cannot save, invest for the future, or even ensure that their money is safe. Their businesses do not have access to credit for funding their growth. Low income countries that receive significant remittances from overseas have to rely on financial services companies that charge high transfer fees.

Today’s innovative technology makes it possible for consumers everywhere to access financial services. Leveraging blockchain and mobile technology, here at Bankey we have designed an inclusive financial network that connects the unbanked with a community of individuals who convert paper cash into digital cash. These local “keys” as they are called enable value to be saved, invested, or shared globally. 

Let me tell you how Bankey works:

First,  load money into your Bankey account from a local “key” in your area or from your credit or debit card if you have one. Then, send and receive money from your mobile phone anytime and anywhere. You can pay your bills, shop, and withdraw cash from a local key, all with Bankey. Establishing a dependable method of value exchange, connected through human networks and scaled by technology, will have tremendous benefits for the unbanked, worldwide. All now possible with Bankey.

Our mission is to empower the unbanked population with a secure mobile money solution that allows them to easily store cash, instantly receive payment, and safely make payment, anywhere, anytime, from their mobile phone, at a fraction of the cost it currently does. 

Now is the time to take action and become part of this empowerment movement and help unleash the economic power of the previously excluded. Join us in our mission to bring Bankey to life so our families have a more secure future. Together we can make finance inclusive!