Commitment to Action

Delivering Financial Services to 5 Mil. Underserved People

Commitment by

Mpower Labs, MPOWER Ventures

In September 2008, MPOWER Venture, a venture capital firm, committed to deliver accessible, affordable, and empowering financial services to at least five million underserved individuals around the world. In the past two years, through a portfolio of companies, 550,000 new accounts have been opened, all of which are enabled with mobile payments technology. These accounts have been opened through a variety of distribution partners, including state governments, international super-markets, telecoms, and banks. The accounts enable customers to deposit and withdraw funds from reloadable prepaid debit cards and utilize mobile payment technology to send very-low-cost remittances, pay bills, make purchases, and transfer money instantaneously from person-to-person. These accounts and services are being provided to individuals and families that had been previously excluded from mainstream financial services and many of whom have never before had an account.

Share

Tabs

Overview
Summary

Commitment

Delivering Financial Services to 5 Mil. Underserved People

Launched

2008

Est. Duration

5 Years

Estimated Total Value

$30,000,000

Region

Oceania, Latin America & Caribbean, Asia, Europe

Countries

Australia, BRAZIL, COLOMBIA, INDIA, Kosovo, MEXICO, ROMANIA, UKRAINE, United States, Vietnam

Commitment by

Mpower Labs, MPOWER Ventures

Partner(s) of the Commitment Maker(s)

Raiffeisen Bank International AG, Mastercard Worldwide, Carrefour S.A., Bank of India, BBVA, Grupo Comex, Ipko, Fundación Angélica Fuentes, Visa Inc., Heritage Bank And Trust Sa