Published On: Sun, Oct 9th, 2016

Israeli social startup allows Money transfer without banking fees

Social startup allows migrant workers to make global money transfers without fees

 

Barak Ben Ezer CEO & co-founder of Neema

 

Migrant workers generally get the worst deals in the banking system and have to pay high fees in order to transfer money to their families. The social startup Neema launched new program for migrant workers to transfer money to their families without fees.

Neema‘s mobile app allows people without a bank account to manage their money and perform activities such as deposit, loading money onto MasterCard debit card, transfer funds to various countries and receive it in cash at less than one hour. The family can use their card and withdraw the money from any ATM.

The users allow to transfer money home with no commission, even if they split the money they send to their families in to small amounts based on their cash flow and the family needs without paying fees on those actions.

Neema’s model is based on a monthly fee of $10 where the customer will receive two MasterCards with no additional payments.

Neema was founded in 2013 by Barak Ben Ezer and co-founder Asi Sivan. Barak has background in technology and finance. He is a former project manager of Microsoft’s mobile division and is graduate of the Intelligence Corps. Asi Sivan has extensive experience in retail. He established a network of shops and restaurants in Canada and the United States.

According to CEO Barak Ben-Ezer, Neema’s new program is a game-changer. It provides foreign workers better conditions than most of the local citizens. We are proud to provide this new service to the unprivileged population.

 

 

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