Redcore Interactive built remit.ug to enable people from all over the world to transfer money to mobile money accounts of their relatives, friends and associates in Africa. remit.ug aims to be the fastest, safest and most affordable mode of money transfer to Africa. Redcore Interactive customers are mainly Africans living in the Diaspora sending money home to their families. How it Works To use the service, Remit requires you to Login to your remit account. If you are new, it takes a few minutes to verify your email and cell phone number. As soon as that is done, you are required to enter the recipient’s registered mobile money phone number, the amount you want to send and provide your payment information. Remit accepts most major cards including MasterCard and Visa. After your credit card is successfully charged, you will receive a delivery confirmation email. Your recipient will receive the money directly on their registered mobile money wallet within minutes. According to Remit, Africans in the Diaspora send up to $60 billion annually to the continent. At an average cost per transaction of 11.89% which means Africans are spending more than $7 billion in fees. Remit was built as the fastest, cheapest and secure way for Africans to send money home We spoke with remit.ug’s CEO Stone Atwine who gave us a couple of facts about the service that might answer questions first time users would have. Currently There’s no minimum sending amount but the maximum sending amount is capped at $500 and up to 3 transactions per day for each user. This is due to Anti Money Laundering + Countering of Financial Terrorism regulations. Remit.ug is currently able to deliver to MTN Uganda and Airtel Uganda. They hope to soon add other networks and also scale to deliver into Kenya, Tanzania and Rwanda. The transferred funds are delivered into the existing mobile money ecosystem as a normal mobile money transfer and the recipients can withdraw from any mobile money agent. Remit.ug currently, charges 5.4% of the transferred amount and intends to reduce this figure as they continue to scale and improve costing. On the very important issue of security, remit boasts of top-notch security having established a variety of protocols to address the same. Remit uses SSL, OAOUTH and various robust API integrations and also follow KYC, AML/CFT policies and procedures that make it very hard for money laundering and financing of terrorism.
