Overview

  • Country Nigeria
  • CategoryPayments/ Non-Cash Money Transfers

An ecosystem for global non-cash remittances.

Project stage

Prototype

Detailed description

SureRemit connects immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent by loved ones on goods and services at accepting merchants wherever they are. They can also pay for hundreds of utility bills and mobile airtime credits directly from the SureRemit application.

SureRemit is leveraging blockchain technology to connect senders of value across the world directly to the merchants that provide the goods and services needed by recipients back home.

Problem

There are about 250 million immigrants in the world sending over $600bn to support their friends and families back home every year. The remittance market is a significant source of funding for many individuals and families across the world. Recipients of remittances, particularly in emerging markets, rely on this income for basic needs like food, clothing, medicine, utility bill payments, among other needs.

Immigrants face two significant challenges when executing cross-border and local money transfers:

Firstly, the cost of remittances is punitively high. Transferring money via banks and traditional international money transfers operators could cost from 7-12% of the value transferred. Over the past decade, new digital remittance companies have succeeded in reducing this cost, but the cheapest service could cost up to 4%. Their access-points or withdrawal channels can also be difficult to interact with, especially by the unbanked population.

Secondly, over 40% of remittances are intended for specific uses like food, clothing, medicine, school fees or utility bill payments. Senders want to ensure that their money is being utilized for its intended purpose, but this is not possible to control or monitor with cash transfers, as cash creates opportunities for waste and diversion of funds. SureRemit removes the cash layer by eliminating cash agents leveraging cryptocurrency.

Solution

The platform connects senders directly to the merchants that serve their recipients’ basic needs back home. A new token, Remit, will enable senders to purchase digital vouchers (SureGifts) that can be delivered to billions of their recipients across the world instantly via SMS or e-mail. These vouchers can be spent directly for goods and services from SureRemit’s ecosystem of partner merchants within their community. The service will significantly reduce the cost of transfers, while ensuring that the recipient receives the appropriate value as intended by the sender.

Features

Speed
Digital transactions with the Remit coin can be completed in seconds regardless of where the sender and receiver are in the world. There are more mobile phones than there are people in the world. A mobile app can enable remittances to be sent and received instantly. Recipients can receive value via SMS or e-mail.

Cost & Fraud
With banks and other intermediaries removed from the remittance process, the senders of value can connect their recipients directly to the merchant where the value resides. Transaction costs will be reduced to the minimum. Lowering of remittance costs could increase remittance volumes and lift over 30 million more people out of poverty according to the UN. Fraud is also a major factor impeding the deployment of platforms such as SureRemit on existing debit/credit card services. Since deliveries are instant, chargeback risk from credit card theft is greater. Utilizing Remit tokens exclusively enables us to accept a currency whose ownership we can verify and trust.

Convenience
Remittance services can be available 24-hours a day. There is transparency of pricing and no surprises or fear of loss at the destination. Without the cash layer, elaborate KYC requirements for basic remittances are relaxed. The counter-party risk is also removed, since there are no banks or agents required to provide liquidity on the receiving end.

Show details

Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : RMT
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 10,000,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Stellar ()
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. :2,000,000 USD
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :1,000,000,000 RMT
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :500,000,000 RMT
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :BTC, ETH, LTC, USD, XLM,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes
    Get details
  • Token and Funds Distribution

    Token distribution date

    Tokens are distributed immediately during the crowd-sale and can will be transferable within 2 weeks after the crowd-sale. 

    Unsold tokens

    NA
      • Token Distribution

        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Crowd-sale — Ended
      10 Jan 00:00 UTC
      10 Feb 00:00 UTC
      0.02 USD No Min 50 USD Uncapped Uncapped
      Pre-sale — Ended
      08 Dec 00:00 UTC
      05 Jan 00:00 UTC
      0.02 USD No Min 500 USD Uncapped Uncapped
      • Team

        • Adeoye Ojo photo
          Adeoye Ojo
          Sales Operations
        • Babafemi Lawal photo
          Babafemi Lawal
          Technology Operations
        • Olaoluwa Samuel-Biyi photo
          Olaoluwa Samuel-Biyi
          Remittances
        • Michael Adeyeri photo
          Michael Adeyeri
          Software Engineer
      • Advisors

        • Eray Altili
          Advisor
        • Boris Reznikov
          Advisor
        • Nathan Windsor
          Advisor
        • Charlene Chen
          Advisor

      Roadmap

      • Jan 2014

        SureGifts Launched in Nigeria

      • Aug 2014

        Reached 100 Redemption Points

      • Jul 2015

        Launched in Kenya

      • Nov 2015

        Crossed 500 Redemption Points

      • Jan 2016

        Crossed 50,000 Transactions

      • Jul 2016

        Joined 500 Startups

      • Sep 2016

        Expanded to Rwanda

      • Dec 2016

        SureRemit Concept Development & Research

      • Oct 2017

        White-Paper Release

      • Dec 2017

        Pre-Sale

      • Jan 2018

        Token Generation Event

      • Mar 2018

        Beta App Release

      • Q2 2018
        • Expansion into Middle East & India
        • Full App Release
      • Q4 2018

        Expansion into LATAM

      Activity