Mobile Remittances May Boost World’s CUs
A new partnership between the World Council of Credit Unions and Boom Financial, a Palo Alto, Calif.-based company that provides mobile banking and money transfer services to immigrant and unbanked families, could pump new life into credit unions in developing countries.
Founded four years ago, Boom gives underbanked and unbanked consumers the ability to activate a Boom bank account, receive a prepaid card and transfer money to anyone in the world via a mobile transaction. Through the partnership–which the two parties announced on Sep. 11–money transfer recipients will get messages on their mobile devices directing them to a nearby credit union branch, where they can access the money. Once they’ve visited a branch, the credit unions will have the opportunity to market other products and services to their new, potential members.