Financial Inclusion

Very few financial institutions provide financial products well suited for migrant workers, low income earners and children. As a consequence these segments of the society are invariably unbanked or under-banked with limited access to credit solutions. In addition, the majority of the developing world is un-banked. MFSL provides solutions that are tailor-made for these under-served segments.

MFSL research indicates that the developed world markets are not quite ready for large scale mobile wallet applications for high value transactions. At same time the Automated Teller Machine (ATM) infrastructure is well developed. Both of these factors position the Prepaid Card, controlled by the mobile phone, as the logical solution to gain mass market acceptance whilst educating the subscriber on the role of the mobile phone. In direct contrast, there are indications that mobile wallets are more widely accepted in the developing world where the ATM infrastructure is less developed.

Various features of the products allow MFSL to offer payment, budgeting, family and money transfer solutions that are accessible to the un-banked and under-banked:

  • Minimum customer due diligence (i.e. KYC) required
  • No credit history requirements
  • Ability to load cash onto card at numerous high street outlets
  • Pay salary directly onto card replacing a bank account