Migrant-focused bank Majority launches with free remittances to Africa
The formerly invite-only challenger bank Majority has launched across the U.S. offering free remittances to four African countries.
The Swedish bank with a U.S. headquarters in Houston has been operating in a pilot since October has decided to launch its services to all consumers across the U.S. with several new features including same-day paycheck access to Majority direct deposit users.
Last October, Majority launched a pilot in the Houston area focused on the Nigerian immigrant community. The bank has since grown from its initial 1,000 invite-only beta testers to 5,000 monthly subscribers, a feat made possible through its word-of-mouth promotion to the Nigerian community, with a large portion of the member base coming from the Houston area.
Majority users have access to more than 55,000 ATMs across North America as well as free and unlimited remittances to four countries including Nigeria, Ghana, Kenya and Senegal. It has plans to open remittances to an additional 15 countries by the end of 2020, with Mexico being added this spring.
The bank provides financial access to a typically underserved community, which Majority claims represents 68 million Americans.
For complete access, Majority sells a monthly membership that costs $5 and so far has generated 5,000 subscriptions. Inclusive of the $5 monthly membership is an FDIC-insured checking account and a Visa prepaid card. Majority has partnered with Sutton Bank in the U.S. to provide the FDIC-insured accounts.