20 July 2018
Visit www.avoka.com

TransferTo and Fern Software chosen for UN inclusion grant

15 November 2017  |  2846 views  |  0 Source: TransferTo

TransferTo, a global Cross-Border Mobile Payments Network for emerging markets, and Fern Software, a leading provider of banking software for inclusive financial institutions worldwide, have together been awarded a grant as part of the United Nations Capital Development Fund (UNCDF) third window of the Shaping Inclusive Finance Transformations (SHIFT) Challenge Fund.

The SHIFT Challenge Fund aims to tackle the challenges and barriers faced by women in Cambodia, Lao PDR, Myanmar and Vietnam (CLMV), and leverage on remittances as a channel to improve women’s economic empowerment. The aim is to deliver seamless money transfer solutions for individuals that don’t necessarily have access to the formal banking system.

By utilising TransferTo’s global Network - which interlinks mobile operators, money transfer operators, digital wallets providers, financial institutions, NGOs and merchants – along with Fern Software’s global microfinance solution software, the prize money will assist to:

• Accelerate TransferTo’s entry into CLMV to bring the benefits of a more available, accessible and affordable Money Transfer Network to the women living in these countries. • Enable microfinance institutions to become money transfer recipients on TransferTo’s Cross-Border Money Transfer Network.

“We’re so fortunate to have been given the opportunity to fast-track our payments solution into Cambodia, Laos, Myanmar and Vietnam,” said TransferTo CEO, Peter De Caluwe. “Our goal is enable access to digital financial services, especially for women who represent over 50% of the population in these markets, yet lack access to traditional banking. Our CrossBorder Payments Network has the reach and capability to interlink key stakeholders so that accessibility to financial services in emerging markets is possible, and as a result, we can drive financial inclusion and women’s economic empowerment across the region, and globally.”

“A large percentage of remittance recipients are clients of microfinance institutions rather than mainstream commercial banks, due to their low incomes and often rural locations”, said Fern Software Managing Director APMEA, Debbie Watkins. “The valued support of UNCDF in connecting the TransferTo Network to ours will enable migrant workers for the first time to send transfers directly to microfinance institution loan or savings accounts, giving them control in how their hard-earned salaries are put to use and increasing accessibility for their family members.”

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12232 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10104 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9820 views comments | 6 tweets | 15 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9588 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9377 views 19 comments | 14 tweets | 30 linkedin

Featured job

to GBP Six-Figure Base, double ote, benefits
London, UK

Find your next job