Adding Value to Our Money Transmitting Partners
We’ll add greater value to our MTB partners by adjacently building new partnerships so we can service more regions across the world and deliver their services online rather than just in stores. We are starting with the East African market and its array of payment/remittance providers and then going after each market through regional partnerships. We are starting here because there is a huge opportunity to generate revenue while adding a lot of value to end to our first users who happen to access certain remittance services at only physical stores. There are about 44 Million foreign-born Americans today in the US sending $135 billion dollars annually (of about $600 billion sent globally) in remittance just the past year alone. This market is growing fast in Africa where remittance makes a huge percentage of each respective nations GDP. Empowering the 250 million immigrants across the world to help their families by streamlining their payment needs is the linchpin needed to access many markets and digitize a lot of payments sectors lagging behind the developed markets of the world.
We’ll add greater value to our MTB partners by adjacently building new partnerships so we can service more regions across the world and deliver their services online rather than just in stores.
Without a scalable digital infrastructure, payment services without stronger digital strategies run the risk of becoming irrelevant soon. For any payment service trying to gain market share beyond a certain corner, it is almost impossible due to regulatory/local market safeguards and market challenges. Our app will be the layer that connects these mobile and traditional remittance/payment solutions so consumers can choose better how to access their money when you move or travel from country to country in rapid succession. Consumers will also no longer have to call ahead to 10 agents or download 10 different apps to check rates to see the available services near them, thus decreasing overhead cost and increasing service availability to 24/7. These regional money transmitting companies across the world can leverage each other's consumer base so they can do more than survive but thrive in a digitized economy.