CASE STUDY:
Serve the Underserved French Population by Providing a Pre-Paid Service
The Challenge:
Creating a Financial Mechanism in a New Market – France
A large portion of the French population was underserved by the banking system due to their financial situation and lack of ability to hold a bank account. This made everyday life difficult for them. Paying rent, buying groceries, medical services, etc. all had to be done in cash. The French market did not have a pre-paid service thus it would be challenging to work within the current laws to build and promote a business to serve this population.
The Strategy:
Find Sponsors that Align with Our Vision
We had to begin the process with Minister of Revenue, Regulatory, and Legal Compliance in France. We were able to outline the product, purpose, and social benefit that the pre-paid card services would provide France. After multiple meetings, we were approved to launch a MasterCard prepaid service in France. We obtained Private Equity, as well as other investors, to finance the venture.
The Results:
A New Financial Mechanism
A MasterCard prepaid card was launched in France. Consumers were able to load their card with their salary, social benefits, etc. They were able to load one card and share funds with family members. The venture also created several jobs in France.