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SureRemit targets 250 million immigrants with non-cash remittance service

December 8, 2017

By Wallace Mawire

. SureRemit, a global blockchain-based non-cash remittance service has
announced a token sale event to allow investors to contribute to
SureRemit and receive RMT tokens at a 40 % bonus.

A big argument for the potential of blockchain and cryptocurrencies
has been about how the revolutionary technology can impact the $600bn
cross-border remittance market. Several platforms are already enabling
cheaper and faster transfer of money using cryptocurrencies like
Bitcoin; however, a new product, SureRemit, is focusing on a
particular segment: non-cash remittances.

It is reported that there are over 250 million immigrants across
the world. A significant volume of money sent by these immigrants is
intended to serve specific needs of their friends and family at home
like food, clothing, utility bills and education. Senders utilize a
myriad of formal and informal channels to move money, but while there
have been improvements in recent years, the international money
transfer process is far from convenient.
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. Furthermore, after sending money home, immigrants have no
control or visibility over the use of funds.

A new blockchain-based remittance service is being created to address
this. Immigrants all over the world with Remit tokens can purchase
digital vouchers that are redeemable for goods and services directly
from local merchants at their specified destinations. This
cryptocurrency removes the cash layer, reduces the cost of transfers
and provides the sender some control and visibility over how the value
is spent.

“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 travelers 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.”

Remit tokens are being issued in partnership with Stellar. The tokens
generated will be the primary tool for accessing digital shopping
vouchers, utility bill payments and mobile airtime services within the
SureRemit app. SureRemit already has access to over 500 redemption
points of major retail chains within the SureGifts merchant ecosystem
across Africa, with partnerships to acquire thousands of ecosystem
merchant partners in India and the Middle-East in the works. Expansion
into other major remittance corridors are planned for next year.

SureRemit is a platform for global non-cash remittances. Remit tokens
are being issued in partnership with Stellar. The tokens generated
will be the primary tool for accessing digital shopping vouchers,
utility bill payments and mobile airtime services within the SureRemit
app. SureRemit already has access to over 500 redemption points of
major retail chains within the SureGifts merchant ecosystem across
Africa, with partnerships to acquire thousands of ecosystem merchant
partners in India and the Middle-East in the works. Expansion into
other major remittance corridors are planned for next year. Pre-sale
token distribution begins December 8, 2017.

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