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SureRemit banks on Blockchain

Africa , 18 Dec 2017

SureRemit banks on Blockchain

African FinTech startup SureRemit believes its Blockchain-based remittance solution, targeted at a potential 250 million consumers for non-cash payment, will add substantial value to the continent.

The company's management suggests the current cash remittance systems are far from perfect and its offering will enable senders to safeguard the use of remittances.

"Cash transfers are heavily regulated in order to prevent money laundering, fraud and terrorist financing, so the systems and intermediaries involved are forced to create elaborate compliance processes that result in high fees and less-than-ideal transaction flows," the company said. "Furthermore, after sending money home, immigrants have no control or visibility over the use of funds."

A World Bank report predicted cash remittance to Africa would be valued atUS$34 billion by end of 2017 High transaction fees have been a hamper to the amount of money migrants send back home.

"International remittance transactions can be frustrating, but it doesn't have to be, at least for non-cash value transfers which constitute about 40% of all transfers," said 'Laolu Samuel-Biyi, Director of Remittances at SureRemit.

"In very many cases, immigrants and travellers just want to buy food or pay a bill for someone at home. Those transactions do not have the same risk profiles as cash transactions, and they should not be subjected to the same costs, timelines and procedures."

The company is also announcing its ICO to investors which will take place in early 2018. "SureRemit ... is pleased to announce a token sale event to allow investors to contribute to SureRemit and receive RMT tokens at a 40 % bonus," the company said.

Plans are to target markets in Nigeria, Kenya and Rwanda; and plans to launch its services in India and Middle East by mid-2018. SureRemit intends to use the blockchain platform Stellar for their new product.

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