The grant has been awarded as part of the United Nations Capital Development Fund (UNCDF) Shaping Inclusive Finance Transformations (SHIFT) Challenge Fund Titled ‘Linking remittances as a catalyst for financial inclusion and women’s economic empowerment’
TransferTo 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 interlinkkey 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.