Neema and MasterCard team up for debit card for migrant workers in Asia
Fintech start-up Neema has issued the MasterCard debit card for migrant workers from the Philippines, India, Nepal and Sri Lanka – which promises to drastically reduce the cost migrant workers pay to send money home. Neema says there are no transfer or foreign currency exchange fees.
“One of the biggest expenses for migrant workers is the cost of sending money to their family abroad. They are often taken advantage of by banks and other financial institutions where they are charged high fees and offered limited resources,” Neema states.
Neema’s model is based on a monthly fee of $10 where the customer will receive two MasterCards with no additional payments or commission fees.
Neema’s mobile app enables the migrant worker to monitor the use of the two MasterCards they will receive. One card is for their own use and the other card is sent to their family abroad to use. The card allows their family to withdraw money from their account for activities such as paying bills, shopping online and making in-store purchases.
The app allows loading money onto family’s MasterCard 24×7 from the migrant worker smartphone across the world. The family can use their card and withdraw the money from any ATM.
Pending a new fundraising round, Neema plans to expand its operations to either Europe or the United States.
Israel-based Neema was set up by Barak Ben Ezer and Asi Sivan. Ezer’s background is in technology and finance, including managing projects at Microsoft’s mobile division. Sivan’s experience is in retail – he established a network of shops and restaurants in the US and Canada.