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 Cross-Border 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.”


For more information on the UNCDF SHIFT
Challenge Fund, please visit this link.

This article was featured on Finextra, Banking TechnologyFinovate and Fintech Finance.

Read more about the award from Fern Software, click here.