MyBambu—Promoting financial inclusion for the unbanked

As COVID-19 swept across the globe, decimating world economies, economic inequality issues came to the forefront of political and social discussion. While most of the focus was on gender and racial-based wealth gaps and income inequality, financial inclusion is an equally important issue.

Financial inclusion is the equitable access for businesses and individuals to affordable financial services such as transactional bank accounts, investment opportunities, savings, and credit and insurance. Lack of access to these resources aggravates income and wealth gaps and keeps the unbanked and underbanked populations from full participation in the global economy. 

MyBambu is a digital banking service that aims to serve the unbanked immigrant population across the USA. The company promotes financial inclusion for the unbanked and underbanked with a bank close to them at their fingertips. MyBambu provides a variety of financial solutions delivered through mobile devices. It gives an overlooked audience a convenient, secure, and cost-effective way to manage their finances.

CIO Bulletin recently spoke exclusive to Val Infante, the Chief Operating and Marketing Officer of MyBambu, about the company’s vision, serving the unbanked, financial inclusion, and more. The following excerpts are from the conversation.

Q. Can your digital solution meet your strategic growth?

We have tailored this app for the unbanked immigrant market. MyBambu was created based on all the separate transactions a cash-preferred consumer would do for themselves and their family abroad. We’ve rolled out all of these different products to meet their needs while taking it one step further into their financial growth in the U.S with financial literacy, product offerings, such as microloans, immigration loans, and many more to come to see this generation grow.

Q. What is unique about MyBambu, which is lacking elsewhere?

MyBambu is an application designed to become the leading financial solution for a market that has been overlooked and underserved for far too long. MyBambu lets you open a digital account with no monthly fees, no SSN, simply using an I.D. issued by your country’s government. We level the playing field by allowing individuals, regardless of their immigration status, to start their financial growth journey. 

MyBambu supports financial inclusion for the unbanked by offering various mobile-based financial services. MyBambu arises from the need to provide convenient and reliable services to 36 million Hispanics in the USA who are either unbanked or underbanked and lack access to bank accounts or other traditional financial services.

MyBambu is the only neobank in the United States with a majority of active users who are Hispanic (92%). The funds in MyBambu are guaranteed by the Federal Deposit Insurance Corporation (FDIC) and are protected by highly secure encryption technology.

Q. How do you address security when building and rolling out features?

We have security in our MyBambu  IOS and Andriod app and AWS middleware at several levels. These security features are adhered to for every feature rollout. The MyBambu Account holder is required to create a security code before finalizing their new account. This security code is necessary for every financial or PII-focused transaction in the application. This prevents fraud where a user may lose control of their smartphone device.

We also use a market-leading cloud-based threat/fraud solution that starts our security from when a customer logs in to MyBambu. This solution leverages rulesets and external data and must approve the right to execute every financial transaction conducted by a MyBambu customer, helping reduce fraud both for MyBambu and our customers.

Q. Do you measure what’s working and what isn’t while amending features to the digital platform?

Yes. We do daily analysis for implemented features. The business team measures response and activity related to features and digital marketing campaigns. We also use a best-in-class product management tool that allows the Technical and Business teams to measure customer activity across every screen and click on the MyBambu apps, allowing the intended reviewer to understand how the install base uses the application over time.

Q. Could you give us details about MyBambu Visa cards?

MyBambu offers all customers a physical and digital Visa card. You can use the Bambu Visa card to make purchases online or at the stores anywhere VISA is accepted. It has no cost, and you can have it without presenting an SSN. While customers wait for their plastic Visa card, they can use their digital card for online purchases by entering their card number, card expiration date, and the three-digit security code provided in the “Bambu Card” section of the MyBambu app.

Throw light on your other products and their benefits.

We accept more than 450 types of I.D.s. MyBambu offers immediate international money transfers to 18 countries in Latin America. Remittances reach the recipient in approximately 35 minutes, and transfers can be made directly from the application and at affordable rates. The money can be sent from bank to bank and withdrawn directly in cash in the destination country.

MyBambu offers easy cash loads at over 120,000 cash locations in the U.S. (CVS, Walmart, 7-Eleven, Walgreens, Family Dollar). MyBambu customers can send international mobile top-ups to family and friends back home, anywhere, anytime, and without maximum restrictions. Customers have access to over 850 mobile operators, covering 95% of the population.

MyBambu offers direct deposit at the fingertips: customers can receive automatic deposits to their accounts for free. We provide an account and routing number. We offer peer-to-peer transfers: customers can send and receive immediate funds between MyBambu users at no cost. Customers can refer friends and receive $15 for each referral that verifies their account. MyBambu users can also pay bills domestically and internationally.

Helping the unbanked and the underbanked gain financial inclusion

Val Infante is the Chief Operating and Marketing Officer at MyBambu. In competitive, high-growth, multi-cultural situations, he has succeeded in aiding early-stage, emerging, and established organizations to create brands, generate revenue, and provide long-term value.

Val formerly worked at St. Jude Children’s Research Hospital as a manager and director of national marketing support.

“International money transfers made easy.”