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m-Via is making a major announcement today. We’re taking part in the Department of State’s Global Diaspora Forum
Today we’re announcing a new, global mobile money service, called Boom!
Here are the prepared remarks that I will be giving at approximately 11:15AM EDT:
Good morning….. First I’d like to extend a special welcome to our friends from various Diaspora community organizations throughout the US with whom we have worked so closely over the past several months.
Our focus at m-Via is 100% on making it possible for immigrant families to easily and safely share their wealth with their extended families at home and abroad. Over 15 million of our fellow US citizens and residents send over $50 billion per year to family members in the US and to just about every other country on the planet.
So why is m-Via here today?
Today is a special day for us. We are proud to announce our commitment to support this new Global Diaspora Alliance.
As a result of this new partnership we have chosen today, here and now, to announce our NEW Mobile Banking service affectionately called ….Boom…. We chose the name Boom to reflect the booming expansion in financial access that we hope to create via this new and exciting service targeted at US Diaspora communities and their global families.
So what is Boom and how does it relate to our US Diaspora Alliance commitment?
- Boom is the world’s first global, mobile phone based, bank account.
- Boom enables fast, easy and safe money transfers for FREE, meaning Boom does not charge money transfer fees, ever.
- Boom simply works in the recipient’s home country with any pre-existing mobile phone. That means a Boom money transfer recipient can send funds via text message to anyone else in their home country, make a payment at a merchant in their home country and withdraw funds at any Boom location in their home country, even with an inexpensive $15 cell phone.
After years of testing we believe we have finally cracked the nut of how to generate true financial inclusion via US remittances and we couldn’t be more excited about it.
Today we are announcing that our first two Global Diaspora Alliance commitments for Boom will be focused within the Mexican and Haitian Communities.
Our first commitment is focused on the US Mexican Diaspora. As you may know, Mexico receives over $25 billion per year in remittances via the United States. However, rural remittances are still plagued with safety issues due to remote locations and long travel times.
Today we are committing to the US/Mexico Diaspora and their families at home that we will deploy the first mobile money agent network between the US and Mexico powered by Boom that will include, not only large towns and cities, but will also include at least 10,000 rural locations in Mexico for accessing cash and making payments. Our first partners in this effort are the Mexican Government along with select hometown associations in the United States. Together with the Mexican Government’s retail operation of over 25,000 owner operated village stores, we are deploying Boom across the nation. This deployment will begin over the next several days. That means that money transfer recipients who want to make small dollar purchases or withdrawals no longer need to leave their home village, they can simply text message the money to the owner of their village store.
Our goal is to bank over 1 million US senders and Mexico based recipients of remittances in the next five years. We also believe that eliminating cash can greatly improve the safety and security for all of the hard working Mexicans whose income includes US remittances.
Lastly, I’d like to turn our attention to Haiti. Everyone here knows of the tragic devastation caused by the 2010 earthquake.
What you may not know is that close to 30% of Haiti’s GDP is generated via US remittances. That is, by far, the highest number for any country in the Americas.
For the past year, we have been working with friends from the State Department, Mercy Corps, Fonkoze, our newly created m-Via Foundation and other Boom service partners to enable the Boom service for Haiti to dramatically change the financial landscape across these two great countries. Today we are announcing the fruits of that labor. Together with our partners I’m proud to announce that we’re launching Boom into the US to Haiti market with zero transaction fees in Haiti for the first year. We are thrilled to be working with several Haitian Home Town and Community Associations, a few represented here in this room today, to build community training and distribution centers for Boom directly in your own Haitian community centers in great cities such as Miami and New York City. Our goal is to bank 15% of US senders and Haitian recipients of remittances within 5 years.
You can get more information on Boom and our Diaspora commitments at useboom.com.
We’re honored to be a part of the new Global Diaspora Alliance and we’re equally honored to be able to serve all of you, the people who work tirelessly to support your global families wherever they may be.
Thank you very much.
