Money transfer is a reliable business to operate in that people’s need to send money across borders will forever be evergreen. It’s also a line of work that doesn’t involve the messiness of mom-and-pop store businesses like stocking perishable or …
Common Risks Associated With Running A Money Transfer Business Read more »
The rise of the digital world and remote-based work has led to the creation of more job opportunities for everyone across the globe where people are operating in a borderless economy and as such, has led to an increase in …
Top KYC and AML Technologies Every Money Service Business Must Adopt Read more »
The business of money transfer is attractive to criminals looking to launder money or even non-criminals seeking legal loopholes to escape some form of legal payment imposed on their earnings by the law, hence the usefulness of anti-money laundering. Every …
Understanding Anti-Money Laundering (AML) and Why it Matters Read more »
Financial crimes/frauds are common within the money service business space, especially smurfing and structuring. They come in different shapes and sizes, be they, domestic issues, international issues, or both. Domestic crimes are bad, when these crimes involve offshore and international …
The Difference Between Smurfing & Structuring – Financial Crimes Read more »
The payments frenzy is going global, and Africa is latching onto it. So far this year four of the continent’s financial-technology firms have reached or exceeded billion-dollar valuations, more than doubling Africa’s population of “unicorns”. Globally, the unicorn status is …
Africa’s Payments Industry Set to be Overrun by Fintechs Read more »
Early 2020 people woke up in the morning, kissed their families goodbye, and headed to work. Companies and local shops opened for business at scheduled times, served a market, and closed as usual. The travel and tourism industries were boosting …
Post-COVID Opportunities in Remittance and Payments – for Money Service Business Read more »
The Central Bank of Nigeria’s (CBN) plan to introduce a digital Naira (the eNaira) has been met with both positive reactions and skepticism. Many Nigerians question the viability of a digital Naira given the uncertainties around cryptocurrencies, the attached cyber …
eNaira and What it Means for Cross-Border Payments in Nigeria Read more »
The first thing we would say to you on deciding to start your money transfer business is “Congratulations!” You are stepping into a $682 billion industry that promises to keep growing. The demand for international and domestic remittance is set …
7 Things You Need to Start a Money Transfer Business Read more »
You’ve probably heard of people sending money or receiving money from abroad; perhaps you’ve done a few overseas money transfers yourself before. In simple terms, this is what remittance is all about. Sounds too simple? Well, it is on the …
‘Money never settles’. If that statement means anything, it is as true as it sounds. Money continues to change hands as people and businesses use it in daily transactions. If it was easy for societies to do this during the …
The Way People Use Money Vs. the Way Businesses Move Money Read more »