Thunes has extended its network in Mongolia adding LendMN– the first Mongolian FinTech - in an effort to promote financial inclusion and smarter payment solutions.
The exclusive partnership between Thunes and LendMN delivers a convenient new service for deeper financial inclusion by allowing the Mongolian diaspora worldwide to send money back home straight to smartphones. Thunes has built the network for money senders to directly reach Mongolian mobile wallets. The LendMN app users in Mongolia can then either use their wallet to purchase goods and services or transfer the amount to their bank account free of charge.
Only 27% of all adults in Mongolia used their bank account to receive their wages, according to the World Bank, whilst this country with a population of only 3.1 million people has registered nearly 4 million mobile phones, according to the Communications Regulatory Commission of Mongolia. Recognising this gap, LendMN launched the country’s first digital wallet last year to allow quick and easy access to personal funds. The complete digitalisation of the mobile wallet set up meant rapid adoption and since then, LendMN saw firsthand the need for greater access to mobile money.
Hanpass, one of the first money transfer operators to benefit from this partnership, has seen significant interest from its user base. Alex Kim, Director at Hanpass, remarked: “Our customers want a stress-free remittance solution to a wide range of countries and Mongolia is key to our offering.”
“This partnership gives Mongolians the means to contribute to the economy and foster development and growth at home” commented Thunes CEO, Steve Vickers. “Now, thanks to our collaboration, more people in Mongolia will have access to financial services and money transfer via their smartphones.”
LendMN CEO, Gantulga Bulgan added: “Our goal is to make digital money transfer services accessible to everyone without any geographical limits. The partnership between LendMN and Thunes will allow LendMN customers instantly receive money to their mobile wallet from overseas.”