Are you searching for an ecosystem for global Non-cash remittances? Search no more. SureRemit is a blockchain based ecosystem of merchants for non-global remittances. According to the platform, “SureRemit is a global ecosystem of merchants that have been aggregated to enable immigrants to send a direct value to family and friends back home. This allows immigrants to send vouchers for specific value without incurring outsized remittance costs.” The platform aims to address two major issues that immigrants face when it comes to local money transfers. The two issues are:
- Punitively high cost of remittances; when it comes to transferring money via traditional international operators like banks, it could cost you anything from 7-12% of the value of money you want to transfer. SureRemit offers low cost to their user.
- Since over 40% of remittances are intended for things like clothing, medicines, school fees, food or other utility bills. The platform will make sure the senders, who are immigrants to ensure the money is utilized for its intended purposes.
What makes up the SureRemit ecosystem?
The SureRemit ecosystem is made up of three values, it is made up of:
- Merchants across various sectors like retail outlets, pharmacy chains, and grocery stores
- MNOs for data and airtime subscription
- Bills such as Cable, water, and power.
The strength of the merchant network is the SureGifts. SureGifts has some of the biggest retail outlets in various countries. The team behind the ecosystem has concluded partnership agreement which gives them access to;
- A network of merchants in Bahrain, Oman, Lebanon, Saudi Arabia and Qatar.
- Over 500 network operators around the world
- A network of merchants in India.
The team is in the process of concluding partnership agreements that will allow them, to access more merchants in Latin America and Southeast Asia.
The RMT token
The RMT token is the token that interacts with the SureRemit platform. The token allows the network to align its goals and incentives and provide the much-needed flexibility to grow other networks. The RMT token is the only circulatory token that can be used on the platform. The token can be purchased by using BTC, ETH, XLM, LTC, and USD.
Who is behind SureRemit?
The SureRemit ecosystem is led by a group of experts who have varying experiences across the aviation, finance, banking, e-commerce, and logistics. The team includes Rayane Hocine, Chief digital officer, Olaoluwa Samual-Biyi, remittances, Adeoye OJO, sales operation and Zeeshan Mallick, marketing among others. The team also comprises of co-founders of the founding team of Jumia, a successful tech Unicorn in Africa.