Remittance- the money sent back home by migrants- competes with international aid as one of the largest financial inflows to developing countries; in 2016 overall global remittances totaled $429 billion and expected to grow at about 3.3 percent in 2017, to $444 billion.
The African continent has over 30 million people in the diaspora who send around $40 billion USD annually to their families and local communities. One of the major challenge faced by the continent, is a regulatory environment that favours monopolies and consequently, increase the remittance costs in addition to prejudice senders who obtain less value for their money. Innovation is one of the key to lower the cost to send money back home and Moneytrans want to be part of the revolution.
IMTC annual conferences are the perfect rendezvous for companies & individuals, fintech start-ups and project developers – dedicated to remittance sector – to meet, network and share the challenges being faced while at the same time discussing the realistic opportunities available in the marketplace. Established in the DRC since 2004 and being a strong player in Africa, it was normal for us to be present at the next conference #IMTCAFRICA2017 –taking place in Kenya the 20th of September–and with a special focus on a subject that matter to us: Mobile Financial Services.
The African ecosystem requires innovative solutions to increase financial inclusion and drive economic growth. The rise of mobile money transactions is the most visible evidence of this. Moneytrans is actively participating in this revolution in the DRC by offering a state-of-the art remittance mobile App having all the functionalities of the best Apps already in use on other continents. In addition to the consumer mobile App, we have successfully launched in DRC the first remittance mobile terminal for agents (POS) facilitating the access to our money transfer service in remote areas where mobile money can hardly be cashed in or out. This technology allows to massively reduce the costs & logistics of traditional retail branches, thus allowing a faster and much larger business expansion across the huge Congolese territory, while maintaining at the same time a good service quality.
[mkd_blockquote text=”“We are committed to constantly exploring new venues and to investing in technology to offer to our customers a world of possibilities. We strongly believe in a hybrid multi-channel model, letting our customers choose how to send or receive their money, whether they are cash-based or technology enthusiasts. We are even building bridges between digital & traditional channels of distribution by permitting to convert cash into mobile money that can later be used on our online platforms. That is a real innovation.” said Francisco Sanchez Apellaniz, Moneytrans CEO & Founder. ” title_tag=”h2″ width=””]
It’s clear that Moneytrans aims at disrupting the established MTO model!
Home to the world’s mobile financial services revolution, the Kenyan experience is a must. Stay tuned we will tell you everything when we are back!
At Moneytrans we believe that technology facilitates the lives of people and helps to build and to educate societies better prepared for tomorrow.
We are honoured to be a privileged partner of Kenyan expatriates based in Europe. With Moneytrans, you can send money to over 30 countries in Africa and over 10,000 payment points.