The GCC remits over $100bn annually. More than half is sent by the low-income migrant workforce, predominantly Indians, Pakistanis, Filipinos and Bangladeshis.
These workers endure tough conditions but do not meet GCC banks’ minimum salary levels, excluding them from the financial system. 98% have smartphones but they are still limited to physical exchange houses, typically charging them 10%+ for the remittances they make to their families.
NOW Money uses mobile banking technology to provide convenient accounts and low-cost remittance to these workers, offering them financial inclusion and substantial savings, and profitably capturing minimum 10% of the GCC remittance market by 2020. Working with corporates allows us to open accounts en masse and for salaries to be paid directly into users’ accounts.