Solutions

Remittance

Remittances, the portion of migrant workers’ earnings sent home to their families is an important source of income in many developing economies. Approximately 10 per cent of the world’s population depends on these funds to meet immediate needs and cover day-to-day living expenses, to provide a cushion against emergencies or, in some cases, as funds for making small investments and credit mobilization.

Normally, sending small amounts via bank transfers and specialist remittance providers can be expensive. Also, due to migrants not speaking the local language or do not have the necessary documentation, using existing remittance services is not a viable option. Especially, if the money is sent to countries or areas with relatively undeveloped financial infrastructure, making it difficult for recipients to collect the remittances.

Margento Remittance is an affordable and convenient way of sending money via mobile phones and a network of Margento terminals located at participating businesses. Sender simply hands the money over to cashier, enters the recipient phone number into the Margento terminal and, after dialing a short number, taps the phone to the terminal.
Money is stored in Margento system for recipient to collect it at any local participating business.

Building on the reach of the mobile networks and the ubiquity of the mobile phone, this unique Margento procedure makes it very easy to send and receive the money, making the transfer itself very fast – the money is available to recipient within seconds.

Margento - Remittance Redeeming Scenario (click to enlarge)

Margento - Remittance Sending Scenario (click to enlarge)