Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory sandbox.
Using Crypto to Enable Faster and Cheaper Remittances
In a statement, the fintech firm claims its Minit Money application has demonstrated an ability to “enable foreigners living in South Africa to send money home across Africa to bank accounts or mobile money wallets at a competitively low cost.”
Meanwhile, in his remarks following Centbee’s formal graduation from the regulatory sandbox, the firm’s co-founder, Angus Brown, spoke of “incredible” future growth in the remittance app market. Brown explained:
We’re proud to have graduated from the IFWG’s inaugural regulatory sandbox and are aggressively scaling up our winning remittance solution. We expect to see incredible growth in the remittance app market in the coming years and are confident in our ability to bring fast, low-cost transactions to everyone.
Centbee One of the First to Graduate
Centbee, along with five other start-ups, was accepted into the first cohort of the IFWG’s regulatory sandbox. As reported by Bitcoin.com News, Centbee was one of the five crypto or blockchain-related start-ups that had been given the nod to test their products by the IFWG. Therefore, as part of its arrangement with regulators, Centbee would test the “regulatory treatment of crypto assets (specifically BTC and BSV) for low-value cross-border remittances between South Africa and Ghana and vice versa.”
The fintech firm’s statement reveals that the start-up has “since expanded operations to include money sending from South Africa to Nigeria, Senegal, Benin, Ivory Coast and Uganda.” Furthermore, there are plans “to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months,” the statement explained.
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