In Mongolia, access to financial institutions is limited or difficult to reach for the majority of the population. Although most Mongolians have a bank account, it often goes unused, with only 27% of the population receiving their wages to their account according to data from a 2018 report by the Global Bank Group. A similarly low percentage of people are able to use their accounts for saving money. And in a country where the the average monthly income is just $400, loan interest at Mongolian banks is among the highest in the world, averaging 19.4%.
Clearly, the people need a reasonable solution.
To this end, AND Global is proud to announce the launch of LendMN Wallet, which turns our existing LendMN app into a full-featured digital wallet that lives on your smartphone. With LendMN Wallet, anybody in Mongolia can keep their funds safe and accessible. P2P money transfers — up to $20,000 per day for registered customers — have no extra service fees attached. And they can still receive zero-collateral LendMN microloans, with the funds being directly deposited into their wallet.
This is the future of banking.
People who live far away from a bank should not be deprived of financial services. These are the very people most likely to need it! And now they can have these services on their smartphones, accessible at home, at work, in the field, anywhere.Those who live paycheck to paycheck can’t risk bad credit by applying for loans at a bank. Nor can they afford to have any of their money trickle away through tiny service fees tagged onto every transaction. Now they can send and receive money with their friends and family conveniently over their smartphones, confident that they have control over every last tögrög.
And LendMN Wallet goes beyond just storing funds and P2P transactions. It can also be used to pay bills online and to buy merchandise from stores. Adding money from a bank account is a piece of cake: just scan a QR code. We’re dedicated to making our wallet the fastest, most convenient money storage and payment solution possible. And now, thanks to our partnership with Rakutan’s popular instant messenger app Viber, our customers can access our services directly from within the Viber app.
Our entire team at AND Global is dedicated to bringing you more and more financial services at low (or even no) cost, and to enable financial freedom for the underbanked. This wallet service is only one step in the continuing evolution of the financial industry through technology.
