BitMari.com is a pan African remittance platform for facilitating the remittance of money using the Bitcoin technology from the diaspora to African countries.
This service enables overseas senders to send funds to recipients in Africa such as Zimbabwe.
BitMari's main service is to provide remittance services to Africans in the diaspora.
BitMari signs up partnership agreements with major financial institutions in the African countries to act as its agents. The company has a contract agreement with a big financial institution in Zimbabwe that has a huge branch network spread throughout the country and a large customer base. BitMari intends to replicate this in every other African country it gets into.
How The Product Works
The idea is to help African countries to improve their economies through provision of another remittance or payment option for the diaspora community which is almost free and almost instant.
BitMari would send money into the country upfront which would act as float to assist in the liquidity situation in the economy of the receiving African countries such as Zimbabwe. It would be from this float that cash-out transactions would be drawn from and would always be topped up at agreed re-order levels.
The senders would come to our platform BitMari and pay BitMari in Bitcoins. They would have to sign up on our platform and they would have to get cleared through the Know Your Customer (KYC) and Anti Money Laundering (AML) screening services from our strategic international partners who provide KYC and AML screening services before they can send money through our platform. Our financial partners in the African country of receipt would be responsible for the KYC of the recipients. Black-listed people would not be allowed to transact through our platform through the use of these screening services.
BitMari would then pay the recipient in the local currency of choice in the receiving country, in this case through the Agent bank’s multiple electronic delivery channels such as mobile cash wallets, bank accounts or as a last option as cash payouts in a currency of choice. This would then reduce the float amount by the same figure.
Our future plans include developing more applications and use-cases of the Bitcoin technology in other economic sectors such as agriculture, industry, tourism and trade within the next two to three years of operation and expanding to other countries in Africa.