MADISON, Wis. — World Council of Credit Unions and Boom Financial, a company revolutionizing how immigrant and unbanked families save and share their wealth, today announced a partnership to expand global financial access down the economic pyramid to serve the needs of the world's unbanked and under-banked. With a shared vision to expand financial inclusion, World Council and Boom Financial have partnered to provide BoomTM mobile-banking services via credit unions in the developing world.
Boom Financial will tap into World Council's established national credit union networks globally to efficiently expand and deliver mobile financial services to underserved populations. World Council will act as a broker, technical consultant and software payments solution to enable Boom Financial's rapid expansion into new countries.
Boom Financial's safe, economical and easy money-sharing service allows credit unions to expand their geographic footprint and membership base beyond the standard service area of each branch location. Furthermore, as new customers use the mobile service, credit unions can engage them in a meaningful dialogue about additional products and services designed to meet their short- and long-term needs.
"Boom Financial shares World Council's vision of expanding financial inclusion through mobile technology and has the resources and people necessary to make it happen," said Brian Branch, World Council president and CEO. "We look forward to growing our partnership with Boom Financial to reach an even wider global community."
"Boom Financial and World Council share common values and a deep passion to provide financial access to all," said Bill Barhydt, CEO of Boom Financial. "By partnering with a trusted leader with a global reach, Boom further entrenches itself as the leader in this new category of cross-border mobile banking. Combining Boom's mobile-banking infrastructure with World Council's decades of experience in providing high-quality international financial services will become a key component of Boom's scaling strategy."
Boom Financial has revolutionized how families save, share and spend their wealth on a global scale with its Boom mobile banking, payments and money transfer service for the U.S. immigrant population and their extended families. In 2011 Boom Financial, together with the U.S. State Department, co-founded the International Diaspora Engagement Alliance (IdEA) to engage diaspora communities in the United States. Founded in 2008 as m-Via, Boom Financial is headquartered in Palo Alto, Calif., with offices in Los Angeles and Mexico City. Learn more at www.useboom.com.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 51,000 credit unions in 100 countries serve 196 million people. Learn more about World Council's impact around the world at www.woccu.org.