Digital wallet OneFor partners Moorwand to launch European remittance service
Digital wallet and money transfer platform OneFor has tapped UK’s Moorwand to provide issuing, acquiring and digital banking services for Europe’s unbanked.
Moorwand COO, Luc Gueriane, says the partnership will democratise remittance services and provide access for unbanked nationals.
OneFor says Moorwand’s Banking Identification Number (BIN) sponsorship to access the Mastercard network and digital banking offering dramatically reduced the time and complexity of launching the service.
According to consultancy McKinsey, the number of unbanked individuals is as high as 35% in some parts of Europe with a significant number coming from diaspora communities.
Know your customer (KYC) requirements and financial illiteracy means that many of these people send money home using wire transfers.
These can cost as much as 6.67% of the value of the funds being transferred. By contrast, OneFor says its transaction fees are fixed.
The German fintech allows EU users to send funds inside and outside of the bloc through its digital wallet connected to an IBAN account and debit card.
The primary account owner can setup and manage cards for friends and family outside of the EU linked to the account holder, allowing them to receive money from the primary user.
OneFor CEO, Marco Abele, says: “Despite the rapid rise of digital banking innovations, diaspora communities are still largely underserved by fintech products.”