Enabling African Financial Inclusion: How Palremit is Reaching the Unbanked

Access to financial services is crucial for financial inclusion in Africa. That is, if we ever intend to promote continental economic growth, alleviate poverty, and foster social development. 

McKinsey highlights five key indicators of financial inclusivity to be access to safe and affordable financial services, loans and credit, insurance against risk, savings account, investment and capital building.

In Africa today, despite several innovations made to foster this inclusivity, it still accounts for one of the most unbanked continents in the world. And about 58% of these people live in rural areas with limited access to proper financial services. Particularly, SMEs, women, youths, and the older generation are hit the most with the lack of access to these services — or access to only an abridged version that still leaves them yearning for freedom to do more.

We asked 15 Nigerian Gen-Z freelancers and five other millennial business owners how they move money in and out of their accounts. The revelation was that this was still a struggle. Most of them proactively use at least three different fintech apps, bar traditional bank apps.

At Palremit, the crux of our existence hinges on making money accessible — for both transfers and receipts. Efficient payment systems facilitate trade and economic integration, enabling individuals and businesses to overcome obstacles and contribute to the economic growth of the continent. This is how we are changing the narrative.

The Role of Technology in Expanding Financial Inclusion

Technology is playing a crucial role in expanding financial inclusion in Africa. With increasing availability and affordability of smartphones, more people are gaining access to the internet, creating opportunities for digital financial services. Mobile money platforms have emerged as a game-changer in reaching the unbanked population and providing them with a secure and convenient way to save, transfer money, and access basic financial services.

One of the key advantages of technology in promoting financial inclusion is its ability to overcome traditional barriers. In many remote areas of Africa, physical distance and infrastructure limitations make it challenging to establish brick-and-mortar banks. However, mobile technology has allowed financial institutions to reach these underserved communities through agent networks. These agents act as intermediaries, enabling individuals to deposit and withdraw cash, make payments, and access other financial services. 

By leveraging technology, financial inclusion can expand beyond the limitations of physical infrastructure, ensuring that even the most vulnerable populations have access to essential financial services.

How Palremit is Enabling Financial Inclusion in Africa

Our first priority at Palremit is to help more Africans curb the currency crisis they predominantly face and give them wider access to top-tier financial services.

We are Mobile-first

One of the ways which Palremit empowers the unbanked is through its mobile-first approach. Recognizing the widespread mobile phone penetration in Africa, Palremit allows users to access financial services directly from their smartphones. By eliminating the need for physical bank branches and paperwork, Palremit brings convenience and accessibility to those who have been traditionally excluded from the formal banking system. 

We are Giving SMEs Opportunity to Shine

Additionally, Palremit goes beyond the traditional banking services by offering various value-added features. For instance, we provide lighting-fast international remittance. This enables small-time businesses to expand into new, global markets, receive money faster and improve business cash flow.

Our Easy-to-Use App Puts the Old in Mind

Aside from speed, another thing we are proud of is our app’s ease of use. Most fintech app are cluttered with overwhelming UI and endless navigation to perform simple tasks — which leaves out older people with lesser patience from using these apps. Not ours. Built with state-of-the-art technology and security topmost in mind, we’ve found the right balance between engineering and simplicity. Money transfers, for instance, can be completed in a few taps via peer-to-peer. This completes the goal we had in mind to make an app for everyone — safe, simple, and data-secure.

We Help You Save Money on International Transfers

Traditional banks won’t cut it. Wire transfers are quite slow. And online money transfers can be expensive when sending money internationally. Another way we are softening this blow on our users is by enabling them process faster payments at much lower fees and competitive rates. Free up more money to do things that matter to you.

Remote Workers, Gear Up!

Speaking with a Nigerian creator during our short survey, we found out that young people who work remotely still struggle with the sometimes erratic functionality of fintech apps, bar the exorbitant exchange fees. As big evangelists of technology advancement in Africa, we believe in the future of remote work for the current and incumbent generation. And we believe it is here to stay. This is why our peer-to-peer wallet app allows freelancers receive payment for their services stress-free, and securely. Users can also buy, receive and exchange digital securities, store it in their wallets, transact, or move to other locations as they see fit. 

Our Innovative Products and Services 

We offer a wide range of financial products and services. 

  • Palremit primarily allows you to send and receive money internationally. 
  • You can transact in over 150 countries (coming soon) for ease of access when away from home. 
  • You can also swap between fiat currencies and digital securities as you choose.
  • You can pay bills. 
  • We offer a digital wallet that allows you to manage your money conveniently and spend it anywhere in the world.
  • You can spend up to $100,000 equivalent in fiat currencies and make unlimited crypto transactions once you show your proof of address and complete Tier 2 verification requirements.

We are also close to completing Palremit debit cards (physical and virtual). With a Palremit debit card, you will be able to:

  • Withdraw cash from ATMs
  • Make purchases at any store that accepts Mastercard or Visa
  • Pay for online goods and services
  • Send and receive money from other PalRemit users

Palremit debit cards will be linked to your PalRemit account, so you can easily manage your money and track your spending.

Our Impact

Jane, a small-scale farmer in rural Kenya, fantasizes about the day when she would be able to conveniently access banking services via her smartphone. Jane envisions a future in which she can receive and send money without having to make long and expensive trips to the nearest bank. This would save her significant time and resources, allowing her to invest in her farm and raise the standard of living for her family.

Another Nigerian entrepreneur, Peter has a dream of building a successful e-commerce company. But he is aware that in order to make his ambition a reality, he will need to have access to dependable payment options. Peter envisions a time when it will be simple for him to receive and process payments from clients anywhere in the world at low fees. By doing so, he would be able to reach a larger audience, increase sales, save more money in the long run, and develop his company.

These are only two illustrations of the difference PalRemit wants to make in the lives of its customers. Over the next business year, Palremit plans to grow its business to impact the lives of more than 100,000 users, allowing them to do more. We have structures in place to ensure we are expanding our reach for new users at the pace at which we are managing old ones.

According to our VP of Growth, Emmanuel Jago, “we are leveraging top-tier customer service, opening channels for user experience and feedback, leveraging media, and optimizing capital” to extend our goal of inclusive banking.

Palremit hopes to create a world in which everyone in Africa has the opportunity to realize their full potential by removing the obstacles to financial inclusion. We are paving the way for a more inclusive and prosperous Africa with cutting-edge financial solutions and a dedication to empowerment.

Wrap Up 

In essence, Palremit is working to expand its vision of African financial inclusion by partnering with credible financial organizations and service providers. These partnerships allow Palremit to tap into their existing infrastructure and customer base, providing financial services to underserved populations. By integrating Palremit’s services with mobile money platforms and existing telecom infrastructure, Palremit aims to make financial services more accessible to individuals in remote and underserved areas.

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