The global market

Half the world’s population does not have a bank account
- 2.8 billion adults, i.e. just over half the world’s adult population, do not use any formal financial services.
- Of these adults without a bank account, 2.2 billion live in Africa, Asia, Latin America and the Middle East.
- In sub-Saharan Africa, 80% of the adult population, i.e. 325 million people, are still without a bank account, compared with just 8% in the developed countries of the OECD.

The migrant community is growing rapidly
- In the countries of the northern hemisphere, migrants have become the segment of the population with the largest demographic growth.
- In the United States, the Spanish Americans are now the largest minority group, growing five times faster than the rest of the population.
- Europe is a migratory region with over 70 million migrants, making up almost 9% of the population.

The money transfer market is booming
- The financial service most used by migrants is the periodic transfer of money. In 2010, the worldwide transfer of funds exceeded USD 600 billion, transferred by around 280 million immigrants.
- The IFAD (International Fund for Agricultural Development) estimates that between 40 and 70% of this was via the informal network. According to the UN, this market is expected to see an increase in demand until 2050.

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The difficulties of exchanging money

Exchanging money remains complicated, limited, expensive and a source of fraud

The money exchange market suffers from inadequacies in the services provided by the major specialised operators:
- prices deemed excessive,
- “2 speed” operation which favours those with a bank account and exploits the market of those without a bank account.

This market is rooted in the old model, not having benefited from recent technological developments:
- lack of speed of traditional transfer operations,
- accessibility reduced to the opening times of physical branches,
- inadequate security: identification procedures not optimised and often out-of-date,
- little overlap between different types of access (mobile phone, internet, physical branches).

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The markets to be conquered

WOOGROUP will provide a bank with the means to gain entry to new markets and to consolidate its position in others, in addition to its own services and products.

- Allowing it to gain customers who do not have a bank account and who expect the appropriate services: attracting and providing a network for those without a bank account for the benefit of the bank.
=>  At stake : a market of 3 billion people without a bank account

- Meeting the expectations of customers with a bank account who expect innovative services which complement their bank account: providing a network for those with a bank account for the benefit of the bank.
=>  At stake : over 300 million electronic accounts

- Putting itself in a position to recapture a share of the money transfer market between individuals, via an innovative and secure alternative to the services provided by the major money transfer operators.
=> At stake : an annual market of 600 billion dollars

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