MobiPay K Ltd launches of RemitX, Africa’s first cross border mobile to mobile remittance hub

Sept. 16, 2012 - PRLog -- Mobipay Kenya Ltd (Mobipay) announce the release of RemitX 2.0 (RemitX), Africa’s first mobile remittance hub facilitating local and International mobile money transfers.  RemitX is a mobile-to-mobile interoperability (M2M) cross-border platform that is set to revolutionize the remittances industry. Based on Mobipay’s mobile transaction infrastructure, RemitX offers an affordable, network agnostic, secure platform for cross-border mobile remittances.

RemitX is among the first mobile-centric international remittance hub in Africa that allows subscribers to transfer and receive funds using their mobile wallets irrespective if they are telco or bank held.

MobiPay’s objective with RemitX is to facilitate Intra Africa trade. RemitX is  available to mobile network operators (MNOS), mobile money operators (MMOs) and financial services providers, and includes; payment corridor routing, transaction settlement, and foreign currency exchange.

For partner banks and operators, RemitX will enable them to offer robust and secure mobile phone-based remittance services integrated to, or complementing, their banking and mobile wallet services in a cost effective and timely manner to better serve the cross-border market. MNOs, governments, banks, financial institutions, money transfer operators (MTOs), and other global financial value-added service companies, will also be able to leverage RemitX for back-office processing, fraud controls, anti-money laundering (AML) checks, as well as credit/risk management and settlement capabilities.

International remittance services already contribute significantly to the total mobile payments market, allowing subscribers to quickly and easily transfer money across borders using their mobile phones, and continue to grow as they penetrate the under- and un-banked populations. According to Informa Telecoms & Media, the global international MMT (mobile money transfer) gross transaction value is expected to reach $47.9 billion by 2013. In Kenya alone, the Central Bank estimates that remittances received by private individuals currently amount to more than $1.2 billion annually.

According to Felix Musau, CEO of MobiPay, “In line with our goal to bring new services to our customers at affordable rates and greater levels of convenience, we are delighted to be launching the RemitX remittance hub. For example, using RemitX, a subscriber in Kenya need only know the beneficiary’s Uganda telephone number to make a fast, secure cross-border payment and we look forward to a rapid expansion in the number of active mobile remittance corridors between many African markets during 2012. Twelve international MNOs have already signed up to the RemitX platform and, in Kenya, we have established a partnership a local sponsor bank."

About MobiPay K Ltd
RemitX is an innovative Mobile Payment Service powered by MobiPay K Ltd enabling cross-border mobile-to-mobile phone remittances. The service offers subscribers an extensive range of pay-out options including instant cash pick-up, bank account deposits and transfers to mobile money wallets.

For more information, visit www.mobipay.co.ke

Media Contact:
Felix Musau
info@mobipay.co.ke