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.