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NAHICA and MAJORITY, migrant neobank leader partner for migrants

By Edlyn Cardoza

February 11, 2022

  • FDIC
  • MAJORITY Visa Debit Card

NAHICA, MAJORITY, Mobile Banking, Migrants, USA, MAJORITY Visa Debit Card, Mexico, FDICThe National Hispanic Contractors Association (NAHICA), the largest reference of Hispanic employees and contractors in the construction space, has announced its partnership with MAJORITY, a leader in mobile banking for migrants in the U.S. Both champions for migrants living and working in America, NAHICA and MAJORITY aim to work together to serve the Hispanic community with services such as early direct deposits, free international money transfers to Mexico up to a set amount, and discounts and cashback programs with the use of a MAJORITY Visa debit card.

MAJORITY will continue to support NAHICA’s mission to help Mexican and Hispanic communities become further established, informed, and exposed to opportunities within the U.S. On the heels of MAJORITY’s latest $27 million Series A funding news, the partnership will help further bolster NAHICA members in their Texas region with services such as accessible FDIC-insured accounts featuring zero overdraft fees, no-fee remittances, reduced international calling costs, and the ability to send mobile credits to family and friends back home.

“MAJORITY’s services are essential for the Hispanic construction industry, especially the direct deposit feature,” said Sergio Terreros, Media, Hispanic Marketing Agency President at NAHICA. “Now our members can access their money in a safe manner, minimizing getting robbed and losing their hardworking pay. We are thrilled to have them as a service partner for NAHICA members.”

In late 2021, MAJORITY began expanding its services for migrants who don’t have U.S. documentation or Social Security Numbers (SSNs) to ensure further these underserved communities have access to vital financial resources. MAJORITY’s migrant-focused resources, including remittances, international calling, and banking services, will help support Hispanic and Mexican communities in America by meeting their unique needs and easing the burden of transitioning to a new country. In addition, members will enjoy a sense of belonging through the company’s local meet-up spaces, events, and library of community-driven informational resources, all in Spanish to help cater to NAHICA’s audience.

“Our mission directly supports NAHICA’s community, beyond traditionally established institutions that are less accessible to the nearly 50 million migrants in the U.S.,” said Magnus Larsson, Founder and CEO at MAJORITY. “Immigrants and minorities are at a disadvantage when getting established within the U.S., and this partnership with NAHICA Texas helps us to expand our community and serve more Latin, Mexican and Hispanic communities with specifically tailored migrant-focused resources.”

Recognizing that a one-size-fits-all approach cannot be applied to the 180+ unique migrant communities, MAJORITY has tailored its offering to each specific community and has hired local advisors to onboard and support each community in its native language. Individuals who lack official documentation required at most banking institutions (i.e., a Social Security card, Taxpayer ID number, Green Card, Visa Passport, or a valid U.S. ID) can utilize MAJORITY as a conduit to become financially established, completing registration with only an international government-issued ID and proof of U.S. residence. The company will continue to establish its availability and nationally spread meet-up spots throughout 2022.

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