Majority Challenger Bank Takes Aim at Immigrant Communities
U.S. based challenger bank Majority has been operating quietly in Houston, Texas helping the local Nigerian immigrant community and they now plan to launch nationally; the bank will be targeted at helping immigrant communities to get access to the financial system; immigrants face a number of challenges trying to get bank accounts, poor documentation and language barriers are two of the most common causes; “You need a bank account. You need to be able to send money home. You need to be able to call back home,” Majority CEO Magnus Larsson said to American Banker; the checking account is in partnership with the Sutton Bank in Ohio; there is no minimum balance requirement, customers will receive a debit card and get access to a nationwide network of ATMs. Source.