BANK4YOU GROUP

7 min readMar 3, 2018

<<< INTRODUCTION >>>

Established in 2013 and headquartered in London, UK, in 2016 Bank4YOU transformed into Bank4YOU Group, an international consortium of _n-tech service companies operating within the electronic mobile payment services arena. FCA License No715451, issued by the UK’s Financial Conduct Authority authorizes

Bank4YOU to provide credit.

Bank4YOU Group provides customers with a wide range of pre-paid card options as well as other _nancial solutions. State of the art _n-tech products are developed for people with active lifestyles,such as students, tourists, migrant workers, and frequent travellers.

Bank4You Group makes it really easy for visitors to make in-country as well as cross-border payments, without the need for proof of residency or a local bank account.

Bank4You Group now intends to launch its own ICO in order to accelerate the goal of scaling its service rollout across Africa, Asia, and Latin America.

<Products>

Bank4YOU customers no longer need to depend on bureaucratic procedures associated with traditional banking. Its service has been created to ensure time-e_ciency, convenience and secure transactions. Bank4You already works with a number of blue-chip organizations, delivering state-of-the-art prepaid card programs that target di_erent user groups. Its customers are able to choose their ideal product from a wide range of pre-paid card options including Bank4You Group’s Corporate card and Premium card, along with mobile banking services.

<<<Mobile Money Remittance System>>>

Mobile money transfer or remittance is ‘a peer-to-peer (P2P) application making use of a mobile device to send money to family or friends, primarily across international borders’ 2. Usually, mobile money is a term used to describe services that allow electronic money transactions over a mobile device. It is also referred to as mobile _nancial services, mobile wallets, and mobile payments.

Bank4You Group is an innovative consortium, acting as solution provider operating in the dynamic mobile payments sector. It aims to integrate crypto currency convergence with the convenience of mobile money solutions.

The system is transparent and allows auditing by independent assessors who are not affiliated with

Bank4YOU Group. Each user of Bank4YOU’s mobile wallet will have an account where currencies can be stored in local ones as well as BFY tokens.

<< Project goals >>

Bank4YOU Group’s ‘Mobile Money Remittance System’ will set a new trend in international money transfers

and will contribute to the creation of fast, convenient, and secure money transfers worldwide.

“ACCORDING TO THE WORLD BANK, TWO BILLION PEOPLE ARE WITHOUT ACCESS TO FORMAL FINANCIAL SERVICES WITH MORE THAN 50% OF ADULTS IN THE POOREST HOUSEHOLDS BEING UNBANKED. BANK4YOU GROUP AGREES THAT FINANCIAL INCLUSION IS A KEY ENABLER TO REDUCING POVERTY AND BOOSTING PROSPERITY. WITH OUR NEW BLOCKCHAIN ENABLED MOBILE MONEY SERVICE WE INTEND TO

PLAY A VERY ACTIVE PART IN MAKING THIS HAPPEN.”

DAVID AGAR

CEO

BANK4YOU GROUP.

<< Market overview >>

The market associated with convergence of crypto currencies and mobile accounts is poised to grow at a compound annual growth rate (CAGR) of 38.9 per cent in the next decade and is forecasted to reach approximately $405 billion by 20255.

<<<Technical information >>>

Mobile money will enable unbanked individuals to access _nancial services. Factors in_uencing the popularity of mobile money as the next authoritative instrument are12 :

· Economic attractiveness due to low remittance charges (compared like Western Union Postepay, the Post O_ce’s Postepay, or the local bus companies) and easy _at fee system

· Simplicity and convenience. You only need a mobile phone to use the service

· Easily convertible to cash and vice versa by agents commissioned by mobile network operators

· The opportunity to o_er microloans

· Easy registration procedure for agents (basic information and small deposit required as a starting point)

To establish an agent network, agents need to bene_t _nancially in the same way as it is done within the M-PESA13 system.

GSMA report _ndings state that “The average cost of sending $200 using mobile money is 2.7 percent across the 45 corridors surveyed, compared to 6.0 percent using global MTOs, suggesting that mobile money is driving a price revolution in international remittances.”

Fig.1 Average remittances cost for global MTOs and mobile money providers (in percent; August 2016)

Fig. 2 Distribution of country corridors by average remittance cost for mobile money providers and global MTOs (August 2016)

Fig.3 The Power of Digital Finance.

Fig. 4 17 Distribution of country corridors by average remittance cost for money providers and global MTOs (August 2016).

<< Lowering the Volatility of Payment Means >>

Therefore, BFY token grants the right to receive:

1. Part of income gained from Bank4YOU Group bank activities.

2. Discounts for purchasing MMR.

3. Part of total system turnover of international money transfers.

Integration with existing systems

It is planned to provide as many points of contact with existing payment and monetary systems as possible facilitated by a veri_ed network of a_liated and economically motivated agents.

<<< Crowdfunding >>>

ICO

CNBC cites25 that in the _rst half of 2017 alone, startups have raised an enormous sum of $1.27 billion through ICOs, surpassing the amount invested in _n-tech startups with venture capital.

ICO or initial coin o_ering (primary coins placement) is a mechanism to raise funds for a crypto currency venture. It is also a model of crowd funding 3.0, which helps participants to _nance the development of the company in order to bene_t from such investments in future.

Totals raised are grouped by the ICO closing date and are valued using BTC exchange rate at that time. Data correct on 16th October 2017

< Use of ICO Funding >>

< BFY Token Allocation >>

NOTE. Distribution depends on the crowd funded sums.

Tokens will be issued in equivalent of $50 million, when the ICO will reach this hard cap it will be

stopped ahead of scheduled dates. The scheduled duration of ICO is 145 days. The general amount of BFY tokens is 300.000.000.

18.000.000 (6% of the whole amount) is reserved for bonus payments for users. Bonuses will be stopped sharing when the planned amount will be exceeded. In case if one wishes to purchase BFY via _at money, there’ll be provided an additional 5% bonus. These currencies are accepted during the ICO: BTC, ETH, GBP, USD, EUR.

Special Packages have been designed for those purchasing 5000 tokens (Standard Package) and 15000 tokens (Premium Package). Corporate card and Premium card respectively will become our gifts to devoted investors.

Referral program

The referral program works by means of distribution of a referral code and provides _xed remuneration at a rate of 40 BFY. The main condition should be followed such as there should be BFY tokens purchased during the ICO campaign on the user’s account. The one who sent and the one who activated the referral BFY code will receive bonus at a rate of 20 BFY each and referral tokens will be granted after the end of ICO only to those who made an investment and will be sent to the user’s Bank4YOU wallet.