International Remittance is reportedly a £1 trillion market; it is highly fragmented, where the top 5 players have less than a 25% share. The Informal Remittance market, which makes up more than fifty percent of this total, is even more fragmented and is undergoing significant restructuring due to governments and regulatory bodies clamping down on this unrecorded and difficult to trace financial sub-sector. These factors, along with the fact that the market is constantly growing, enable newcomers with the right technology solutions and knowledge of the regulatory landscape to grab a significant share of the market. The market is clearly underserved, with expensive and inconvenient solutions for remittance senders and receivers.

The combination of diverse product lines, such as prepaid cards and m-wallet products, bank and financial institutions relationships, a large loading and distribution network and deep knowledge and experience in the remittance market enables MFSL to provide a complete remittance solution that is compliant with the relevant regulations. Various factors are taken into consideration in designing the perfect remittance solution for our customer. These include:

  • Target consumer segment - Which Remittance Corridors will be targeted and what is their dynamic, size and value?
  • Current usage patterns and competition
  • Mobile phone penetration rates in "sender" and "receiver" countries
  • Regulatory and compliance issues - What solutions will be approved and what are the hidden pitfalls?
  • Local partnerships in sender and receiver territories