International remittances are critical to the livelihoods of hundreds of millions of people in the developing world. Mobile technology is one of the most exciting forces shaping how people send and receive international remittances today. Around the world, people are shifting from traditional channels to their mobile phones. The evolution in domestic payments and remittances is now happening in international transfers. This is helping to reduce costs, and putting more money and options in the hands of families to transform their lives.
People who receive a remittance on their mobile money account have the option to store
it safely and use these funds in a number of ways without cashing out all the money immediately. For example, they can make digital payments to buy goods from a local merchant or to pay for utility bills.
Mobile money can also address time scarcity. With mobile money, people can send or receive international transactions whenever it suits them. Freedom from the opening hours of a traditional remittance agent can make life easier for those based in remote areas or those who manage inflexible work schedules. The density and reach of mobile money distribution networks also means that, when one does need to interact with an agent, that agent is likely to be relatively close.
Mobi Remit from WPITS is a mobile-based remittance platform servicing both domestic and international remittances. The platform can also be extended to offer remittance services with a wide outreach via an agent network. The customers may or may not have a mobile money account or even a mobile phone. The agents have mobile application, which facilitates following the complete remittance process for a remittance company or a bank, which is equivalent of a traditional remittance system. This is achieved via agents by using low cost mobile devices without the need of any expensive IT infrastructure.