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MoniRemit aims to use advanced technology to bring a solution to financial inclusion problems by providing the first true opportunity for many unbanked people to get on to a formal “banking ladder” with real benefits.
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HOW IT WORKS
✰ Open account
✰ Add money
✰ Send money
✰ Receive money
✰ Make payment
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RECEIVER TRANSACTION PROCESSING FLOW
Funds remittances scenarios:
MoniRemit to MoniRemit (M2M)
The Receiver triggers transfer of funds to himself’s account from MoniRemit (origination)
The receiver’s account is then debited and the MoniRemit correspondent settlement partner account credited with the transfer amount within MoniRemit (origination).
An instruction is initiated to instruct the receiving Bank Partner (Destination) with exchange rate calculation in reference to Destination bank partner
in the Destination MoniRemit (Destination) a debit from Trust Account with the transaction amount in local currency is credited the receiver account.
From here the receiver can cash-out at any MobiCash agent or use various payment mechanisms.
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MoniRemit to MRO (Money Remitter Operator)
The Receiver triggers transfer of funds to himself’s account from MoniRemit (origination) after comparing (quotation) multiple remittance channels and select the one to send through.
The receiver’s account is then debited and the MRO correspondent settlement partner account credited with the transfer amount within MoniRemit (origination).
An instruction is initiated to instruct the Money Remitters Operator (MRO) who calculate the exchange rate.
Then issue and send a “notification” containing the REFERENCE NUMBER
From here the receiver can cash-out at any MRO agent or use various payment mechanisms.