Majority launched in 2019 with the goal of bringing mobile banking services to migrant...
Erasmo Sanchez, head of customer service, is shown at Majority, 9801 Bissonnet St., Tuesday, Oct. 4, 2022, in Houston.Femi Moito had a green card when he came to Houston from Nigeria in 2016, as well as a professional background in financial technology or fintech -- a bustling sector in Nigeria, where entrepreneurs have leveraged a high level of smartphone penetration to dramatically expand access to banking services.
Majority members receive a debit account card issued by Axiom Bank, N.A., which is insured by the Federal Deposit Insurance Corporation. The monthly membership fee of $5.99 also includes wire transfers, international calling, discounts at local businesses and customer support in dozens of languages and dialects.
Larsson emphasized that migrants routinely run into banking challenges regardless of their degree of privilege, financial or otherwise. “If you don’t have a real problem, you don’t have a valuable business,” Larsson said. “The driving force behind any successful entrepreneur is that you want to make a difference and you want to solve problems.”Houston is also a city where access to banking services has historically been limited. A 2019 biennial study from the FDIC found that one in 10 households in the Houston metropolitan area have no access to a bank account. That’s roughly double the national rate.
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