Migrant workers in urban areas often send money to relatives in rural areas using unorganized means, or, expensive, traditional remittance services. In some countries, remittances make up a significant portion of GDP; up to 1/3rd in some cases. Globally, over 175 million migrants currently use remittance services, sending an average of US $200 to over 800 million recipients. World Bank estimates that in 2007, US$318 billion was remitted cross-border through formal channels, with informal channels accounting for a similar amount, putting the total market at $500 billion.

Our technology enables a Money Remittance service where, Senders remit money over long distances to Recipients via Remittance Agents who use mobile phones to effect the transfer.

Senders can remit money over long distances via their local Remittance Agent’s outlet  Recipients visit their local Remittance Agent to collect the money  Remittance agents make instant commissions  Mobile handset & a prepaid account is used by Remittance Agents to transact services  No traditional banking infrastructure is required! Benefits: Traditional remittance services have limited reach & charge high fixed commissions, owing to their high costs. Our mobile funds transfer service enables a low cost, flexible remittance service offering enormous potential to open new business opportunities for service providers, banks & mobile operators! Any retailer with a mobile & a prepaid account can become a Remittance Agent Anyone with access to a mobile can receive remittances Lower costs drive down the average ticket size of remittances, fueling further growth!

‘Significantly Increase Distribution, Reduce Ticket Size, Lower Costs, Expand Market’

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