Often those who migrate for work face multiple barriers when it comes to accessing financial services. Traditional banking and financial systems have failed to accommodate the needs of millions of migrants globally, rendering them underbanked. This is where FinTech companies like Balad come into play by aiming to restructure the financial service sector. Cairo-based tech-startup, Balad, aims to bridge this gap by bringing financial services to migrants and their underbanked families, whilst challenging the traditional banking system.
With founders Adham Azzam, Mohamed Assem, and Sally Asaad at the helm, Balad serves as an open banking platform catering uniquely to the financial needs of migrants abroad and their families at home. The company offers a range of services that include cross-border remittances, mobile banking apps, prepaid debit cards and other advanced financial services.
Key takeaways:
- Balad is a fintech company, aiming to create a comprehensive financial ecosystem for migrants and underbanked families.
- The start-up brings together a range of financial services including cross-border remittances, mobile banking, and prepaid debit cards.
- Balad aims to disrupt the traditional banking system that has been largely inaccessible to migrants and underbanked families.
- Balad’s unique approach to open banking has the potential to revolutionise the future of the financial sector.
The key differentiating factors for Balad lies in its innovative approach towards financial services. By combining open banking with advanced fintech solutions, Balad ascertains that it is catering to a specific demographic niche that has remained under the radar. This comprehensive ecosystem allows migrants to not only receive money but also includes other financial services often denied to them. The startup not only offers remittance services at competitive rates but also offers an intuitive mobile banking app, thereby broadening its reach.
Moreover, Balad also allows users to have prepaid debit cards, a milestone for many migrants who are unable to open traditional banking accounts. Balad’s primary focus on a population segment with unique needs sets it apart from other fintech companies. The startup’s growth shows the feasibility of such an approach in a world where flexible and inclusive financial solutions are the need of the hour.
Looking into the future, Balad is set to challenge the status quo and reshape the financial sector for migrants and their families. The potential market for this startup is immense with millions of migrants spread across the globe. The firm’s growth will likely stimulate more innovation in the sector, increasingly making financial services accessible to all. There is a strong potential for companies like Balad to revolutionise the financial sector, thus contributing significantly to achieving financial inclusion.
The unique business model of Balad could set the stage for a new narrative in the financial sector where inclusivity and financial empowerment stand central. You can follow their journey on their social platforms: Twitter, Facebook, and LinkedIn. To know more, visit their website.
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