Nairobi, September 2012 MobiPay K Ltd announces the launch today of RemitX, Africa’s first mobile remittances hub targeting the local and international mobile money transfer market.
Mobipay Kenya Ltd (Mobipay) RemitX 2.0 (RemitX) mobile-to-mobile interoperability (M2M) cross-border platform is set to revolutionize the remittances industry. Based on Mobipay’s mobile transaction infrastructure, RemitX offers an affordable, network agnostic, secure platform for cross-border mobile remittances.
RemitX is among the first mobile-centric international remittance hub in Africa that allows subscribers to transfer and receive funds using their mobile wallets irrespective if they are telco or bank held MobiPay’s objective with RemitX is to facilitate Intra Africa trade . The RemitX services, available to mobile network operators (MNOS), mobile money operators (MMOs) and financial services providers, include; payment corridor routing, transaction settlement, and foreign currency exchange.
For partner banks and operators, RemitX will enable them to offer robust and secure mobile phone-based remittance services integrated to, or complementing, their banking and mobile wallet services in a cost effective and timely manner to better serve the cross-border market. MNOs, governments, banks, financial institutions, money transfer operators (MTOs), and other global financial value-added service companies, will also be able to leverage RemitX for back-office processing, fraud controls, anti-money laundering (AML) checks, as well as credit/risk management and settlement capabilities.
International remittance services already contribute significantly to the total mobile payments market, allowing subscribers to quickly and easily transfer money across borders using their mobile phones, and continue to grow as they penetrate the under- and un-banked populations. According to Informa Telecoms & Media, the global international MMT (mobile money transfer) gross transaction value is expected to reach $47.9 billion by 2013. In Kenya alone, the Central Bank estimates that remittances received by private individuals currently amount to more than $1.2 billion annually.