Bank4You Group now intends to launch its own ICO in order to accelerate the goal of scaling its services rollout across Africa, Asia, and Latin America. Mobile Money Remittance System (MMRS) is an innovative electronic payment system, which enables the safe execution of cross-border mobile money transfer between countries with the possibility to withdraw funds in local currency using products of the local mobile operator such as mobile money and mobile airtime.

Rating: 2.8

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Details Description Risks Full analysis Team

Detailed review

Stage of product development
On 7th of November David Agar, the CEO of Bank4YOU Group is going to present the demo version of the Bank4YOU e-wallet app with MMRS system to a vast community of fintech innovators at the FinovateAsia. MMRS project beta version will launch in Q3 2018.

Token description
ICO date
06.11.2017 - 31.01.2018
Token price
6.11.17 – 12.11.17 Purchase BFY tokens with 20% discount.
13.11.17 – 26.11.17 15% discount.
27.11.17 – 17.12.17 10% discount.
18.12.17 – 31.01.18 Last round with ordinary rates for BFY.
Token distribution date
Consensus method
ICO currencies
Bounty camping
The referral program works by means of distribution of a referral code and provides Fixed 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.
Token functions
Each user of Bank4You’s mobile wallet will soon have an account, where tokens can be stored in different local currencies as well as in the ICO BFY token. Users can use available tokens for money remittances or can exchange them for inner MMR tokens local fiat currencies through an agent system or use as payment for goods and services.
Tokens distribution
ICO (Token Sale Campaign) (80.0%)
Ecosystem Resevre (10.0%)
Marketing & Promotion (6.0%)
Advisory Board & Partners (4.0%)

The Mobile Money Remittance market is highly competitive and has high barriers to entry. There are a lot of strong players on the market, for example WorldRemit, which can quickly implement crypto-currency money transfer servicies. The company doesn't describe the market entry strategy into new markets. Bottleneck of expansion's strategy is choise of target markets.


There are no test releases available at this time. Product does not have sustainable competitive advantages. According to Similar Web, current mobile applications of Bank4you do not demonstrate good traction (Total Installs: 500 - 1K).


The key component of project's business model is to set up a consortium of mobile operators. All mobile operators that have concluded partnership agreements will be able to give their subscribers the opportunity to receive or send cross-border payments to subscribers of all other partner mobile operators. HOWEVER, there is no information about arrangements and their status with each partner


The company does not provide the mechanism of return on investment The financial forecasts provided by the project are unrealistic (total expanses is less than 7% of revenue) A hard cap of 50 million USD seem excessive in comparison with companies, which was raised money at the same stage of development ((according to Pitchbook data) There is no detailed plan of spending the funds collected within ICO.


Founder and CEO of the Hirefone Group and VC backed Gosim.com, David specializes in developing successful strategies that deliver sustainable high growth. But neither Hirefone Group nor Gosim.com have not showed good traction.

Full analysis

According to MarketsandMarkets, the mobile money market size is estimated to grow from USD 21.15 Billion in 2016 to USD 112.29 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 39.64% from 2016 to 2021. In the current scenario, the adoption of digital financial transaction has increased which has given a thrust to the demand of mobile money. The exact split between different remittances providers is unknown, but it is clear Western Union and Moneygram have the biggest market share, which is slowly eaten away by new providers like Transferwise, Currencyfair, World Remit, and Azimo. It is necessary to note such company as WorldRemit - through its transformative technology and global network, WorldRemit facilitates more than 600,000 transactions a month, from over 50 countries to 140+ destinations. With key partnerships with more than 6,000 money transfer corridors, the company enables migrants to send to more mobile money accounts than any other operator in the world.


The Bank4You mobile banking system is based on simplicity and ease of use. The company supplies customers with a secure and technically advanced mobile app to carry out mobile money transfers. Crypto currency transactions are also completed in real-time, made possible by utilizing Blockchain technology that bypasses traditional banks. Bank4You Group’s in-house development team is now working on designing additional features for the new mobile money remittance service, including: • Extra-low (or FREE) fees and best FX rates • Reduced costs for small value transfers • Real-time transfers of mobile money and airtime • Ease-of-use and greater security; The Bank4You mobile app is available on both the Apple App Store and Google Play. • Bank4You mobile app offers: • Convenient and secure payments 24-7 • Peer-to-peer (P2P) money transfers • Mobile money remittances • Online purchases • Мicro loans;

Business model

The main component of the MMRS is a system of tokens tied to local currencies of the countries of system user’s countries, which enables fast, reliable and cheap remittance of values across the borders of states and continents. Operating such tokens makes it possible to increase the user trust in the system providing the simplest and the most understandable mechanism for converting fiat currencies into electronic ones. The issue of tokens occurs only on condition of the fiat money being brought into the system, which is intended to ensure the stability of the exchange rate. This makes it possible to offer lower fees, even when compared to the mobile money technology (for example, M-PESA charges a flat fee of $0.40 for P2P remittances and a withdrawal fee of $0.33 for withdrawals under $33), especially if there is no need for an instant execution of the transaction. In the event of increasing the transaction confirmation time to five minutes, the fee is significantly reduced. As can be seen, the remittance price in a public Blockchain Ethereum is much lower than that of any of the systems under consideration.


Based on current Bitcoin pricing and investments achieved by other similarly sized projects in the same sector, an indicative estimate for the total funding requirement is $10 million. This funding is required to support the company’s expansion into new markets and to develop enhanced services (including consumer micro-loans and the incorporation of Bitcoin and other crypto currencies within its money transfer services). 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 50 days. The general amount of BFY tokens is 300.000.000. The professional team of specialists hired by Bank4YOU Group has provided the statistical analysis of the predicted performance revenues of above-mentioned operations, but when compared with compared with similar companies it is clear that forecasts are unrealistic.


Established in 2013 and headquartered in London, UK, in 2016, Bank4YOU transformed into Bank4YOU Group, an international consortium of fin-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. However, the TEAM has not been able to show explosive dynamics in international markets since 2013.

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