In 2022, Briter Bridges published its signature African Investment Report which revealed that 62% of principal business funding went into fintech startups—especially payments. But in another report, it stated that 57% of Africans still, are either unbanked or underbanked. This wide conundrum alludes to the fact that Africa, like most global hubs, are still miles away from achieving the financial inclusion dream.
Yet, Africa’s fintech is on track to become the world’s fastest-growing sector in the coming decade. Here is how Palremit is championing remittance payments and growing global markets beyond borders.
Global Market Significance on African Fintech
Globalization has opened doors to a vast array of opportunities for entrepreneurs, investors, and consumers alike. In Africa, the challenge of accessing affordable and swift currency exchanges and remittance services persists. Digital nomads navigating a borderless work landscape often encounter an arduous task when exchanging currencies, with high fees, untrustworthy couriers, and unfavorable exchange rates hindering their efforts. These individuals struggle to stretch their earnings across various countries due to a cumbersome financial system.
But it’s not just the nomads; diasporan Africans, too, yearn for efficient means to send money back internationally and back to their homelands. Traditional remittance methods significantly erode their hard-earned funds when they attempt to send support to loved ones.
However, as these global markets expand, the need for efficient and cost-effective cross-border payment solutions has become increasingly critical. This is where Palremit steps in.
Palremit’s Solution to Cross-Border Payments
Palremit is not just another player in the FinTech industry; it’s a game-changer. The company specializes in cross-border person-to-person (P2P) payments, providing individuals and businesses with a platform to send and receive funds globally. What sets Palremit apart is its commitment to simplifying the complex process of international money transfers.
Speaking with the founder and COO, Uzochukwu Mbamalu, on his vision for Palremit, he highlighted his biggest goal is to foster African financial inclusion by providing easy, faster access to remittance.
Unlike traditional wires where remittance is slower subject to numerous verifications and approval protocols, Palremit shines as a breath of fresh air for its fast payments solution, thanks to its blockchain technology.
Here’s how Palremit is transforming global markets:
1. Low Transaction Fees
Making cross-border transactions through banks and financial institutions used to come with high fees. This is usually a major obstacle for nomad traders. These fees often ate up a significant portion of the money being sent. However, Palremit solves this problem by providing competitive and transparent transaction fees. This aspect makes it an appealing option for both individuals who wish to send money to their loved ones and businesses involved in international trade.
2. Competitive Exchange Rates
Exchange rates can greatly impact the value of cross-border transactions. Palremit provides exchange rates which are often superior to those offered by conventional banks. This guarantees that users receive value for their money when converting currencies thereby positively contributing to the expansion of global markets.
3. Speed and Efficiency
Palremit greatly optimizes user experience to allow users to send and receive money as fast as possible. This is made possible by cutting-edge blockchain technology used in the development of the app. It is more efficient because unlike money wires, Palremit’s model eliminates the bank approval delays, saving time.
4. Enhanced Security
The team behind Palremit understands the importance of security in cross-border transactions. The platform employs robust encryption and identity verification measures to protect users’ financial information. This commitment to security fosters trust among users. When questioned about how the platform aims to address security concerns given the recent shake-ups happening in the fintech ecosystem, the COO gave a reassuring claim that the team is working hard to continuously improve security and will only get better.
5. User-Friendly Interface
Finally, Palremit’s website and its app for devices have been carefully crafted to prioritize user experience. The platform is designed in a way that makes it easy to navigate ensuring that people from different backgrounds and levels of technological knowledge can access it without difficulty. This user-friendly approach plays a role in attracting more users and expanding into global markets.
Palremit’s Impact on Global Markets
The impact of Palremit’s services on global markets is profound and far-reaching:
1. Empowering Small Businesses
SMEs face more challenges when it comes to efficiently dealing with complicated international payment systems. However, with Palremit, businesses can now access the easy-to-use platform for cross border transactions. You only need to get onboarded and start transacting globally using the multi-currency feature available in the app for both fiat, digital currency, and mobile money.
As SMEs expand their presence worldwide, this plays a role in diversifying and growing global markets.
2. Financial Inclusion
Its vision is simple: Palremit wants to provide financial access for Africans to make money for themselves transacting globally. Africa is rife with underbanked adults who have no access to global payment options—or fair-priced ones, at least. Palremit’s goal is to fill this gap and provide a hub that enables businesses to access global markets, grow their businesses, and make more money.
3. Supporting International Education
Many students pursue education opportunities abroad, and their families support them financially. Palremit’s low fees and competitive exchange rates make it easier for families to send money for tuition, living expenses, and other educational needs. This, in turn, fuels the international education sector, which is a significant contributor to global markets.
4. Seamless E-commerce Transactions
The growth of e-commerce knows no boundaries. Palremit’s services make it easier for online businesses to engage in cross-border transactions, expanding their customer base and contributing to the global e-commerce ecosystem’s growth.
Shaping a Borderless Financial World
Palremit is building the financial inclusion dream that Africans have longed been starved of. The platform has made its intention known to incorporate over 70 currencies to enable wider global transaction and market access. Currently, users can send and receive fiat money in Nigerian Naira (NGN), Kenyan Shilling (KES), Ghana Cedis (GHS), United States’ Dollar (USD), and European Euro (EUR); as well as in digital assets like ETH, BTC, and USDC. With more currencies and card-pay enablement coming soon, Palremit is fast-evolving into one of the most exciting fintech projects to look out for.
So, whether you’re a small business owner looking to expand your business globally, already a nomad trader, or an individual supporting loved ones back home, Palremit is your trusted partner in navigating the ever-expanding world of global markets.
