Revolutionizing financial inclusion: Xprizo's mission to bank the unbanked
'I'm a millionaire once I help a million people,' says founder, Richard Mifsud

In a world where financial exclusion remains a persistent challenge, one company is stepping up to empower underserved communities across the globe.
Xprizo, a FinTech innovator based in the UAE, is leveraging the power of cryptocurrency and blockchain technology to bring financial services to the financially marginalized. "Our primary goal is to bank the unbanked," Richard Mifsud, Xprizo's Chief Vision Officer and founder tells The Crypto Radio.
"We're not a bank, but we're providing financial services to people who have traditionally been excluded from the formal banking system."
Mifsud's passion for this mission stems from his own experiences running e-commerce businesses in Africa and Southeast Asia. "I was always seeing a lot of poor people on the ground, and I was always thinking, 'What can I do to help these people?'" he recalls. "The only thing I know how to do is technology."
Xprizo's platform integrates local financial ecosystems, allowing users to top up and withdraw funds using a variety of methods, including mobile money platforms like M-Pesa in Kenya.
The wallet solution also facilitates peer-to-peer transfers, merchant payments, and currency conversions – all within a single, user-friendly interface. "We went straight to the grassroots, to the bottom tier of societies, and we're hand-holding the people and educating them," Mifsud says. "We're taking them from the web 2.0 to web 3.0, from traditional fiat currencies all the way into cryptocurrencies."
Regulatory challenges
One of the key challenges Xprizo faces is navigating the regulatory landscape, as some countries have outright banned cryptocurrencies. "We're able to know where our users are coming from," Mifsud explains. "If you onboard as a Kenyan with your Kenyan ID card, we can't give you crypto. We don't want to break any rules."
However, Mifsud is determined to educate regulators and decision-makers about the benefits of cryptocurrency. "Most of the time, it's the case that people are afraid of crypto. They will think of illicit medicines or different bad things, but I believe that's only a very small portion of the crypto society."
The potential benefits of Xprizo's services are significant, particularly for migrant workers and those living in volatile economic environments. "If you're earning 500 shillings a month, 400 shillings a month, because these are the salaries, or even less, sometimes, if you have a currency fluctuation and you lose $20, for us, might be a couple of coffees, but for them, it's a big percentage of the salary," Mifsud explains.
By allowing users to convert their local currencies into more stable digital assets, Xprizo aims to protect their hard-earned savings from the ravages of inflation and exchange rate volatility.
Additionally, the platform's low-cost remittance services – as low as one cent per transaction – provide a much-needed alternative to the high fees charged by traditional money transfer operators.
Looking ahead
Looking ahead, Xprizo has an ambitious expansion plan, aiming to launch in seven countries by the end of the year. The company is also exploring the development of additional financial services, including microfinance, insurance, and an online marketplace for small businesses.
"I think the future is bright for most of us, or for all of us," Mifsud says with optimism. "We're getting into really interesting discussions with investors, so people are actually understanding what we're trying to do and where we're going."
As Xprizo continues to grow, its mission to empower the financially excluded remains at the heart of its efforts. "I'm a millionaire once I help a million people," Mifsud declares.
With its innovative approach and unwavering commitment, Xprizo is poised to make a lasting impact on the lives of those who have long been overlooked by the traditional financial system.
Listen to the full interview on our live player at The Crypto Radio or in our Bank the unbanked podcast.