Bankey LLC - Building a Digital Wallet. Five Years In the Making!
April 24, 2022
Five years ago, our co-founder Moataz, identified a glaring problem in the financial services sector. Getting cash into the hands of his mother in rural Lebanon, quickly, conveniently and cost effectively . For his mother, having to travel to the nearest town or city that has money remittance services is an inconvenient, lengthy and costly exercise.
Remittance companies and their affiliates eat up approximately 6-10% of the transfer amount in fees which means it is not a cost effective option for many people. The process to transfer cash for the global diaspora, is a very time consuming, paperwork laden process that needs urgent reframing.
Moataz is part of a global diaspora that sends money to family and friends back home on a regular basis. Moataz’s mother is unbanked, as are 1.7 Billion adults around the world, who are all disenfranchised by not having access to basic financial services.
Developing a mobile digital wallet to overcome these obstacles is what our founders Moataz and Bethany have been working on tirelessly over the past 5 years, in true start up fashion. Moataz and Bethany have 3 children and like so many, they work from home because of the Covid 19 pandemic so developing the app has been very challenging, but they have managed to bring together a team of very diverse and talented individuals to help build their vision.
The greatest hurdle in developing a mobile digital wallet has been complex, varied, and ever shifting regulation around blockchain technology from different countries. This shifting challenge has not stopped development, but rather forced our team to think outside the outside box and then dig deep to bring the dream to life.
Our team is a team of action orientated dreamers and doers.
We are very excited to present The Empowch Digital Wallet to the market and our official soft launch will be on 01 May, 2022 in solidarity with workers globally and the disenfranchised whom we aim to empower through this mobile digital wallet.
The uniqueness of this digital wallet is that the cashing out process is done through a unique community cash out network, enabling physical cash to be received, globally, even in rural areas as easy as sending a Whatsapp or Wechat message.
This is a unique model that differentiates Empowch from all its competitors.
These “cash-out agents” or as I like to call them, pop-up ATM’s, are also empowered through Empowch by adding an additional earning potential to their side hustles and at the same time engaging in community service.
With the Empowch app, you will be able to send and receive money, Borderless, Instantly and Cheaply. It will be as easy as sending a WhatsApp message to your family members and friends back home.
Empowch members will be able to:
Keep their money safe in their wallet in USD,
Send money instantly to any Empowch customer around the world in USD,
Pay in store or online securely,
Withdraw cash easily when needed from local cash agents,
Transfer funds to a bank account if you have one.
We have launched our mobile digital wallet for operational testing in the U.S.A. and are launching in Mexico, Morocco, The U.A.E. and Turkey in the next few weeks. After that we will launch Canada, Saudi Arabia, Egypt and the rest of the MENA region.
Please join our emailing list for further updates and exciting news on the ongoing rollout of Empowch.