The mobile phone is the most ubiquitous communication device in emerging markets. There are three billion unbanked mobile phone users – people with little or no access to traditional financial services. Since majority of elderly people in emerging markets rely on financial aid in the form of remittance from immediate family, friends and relatives, remitting money across borders tends to be costly and inefficient if they use the existing solutions due to high exchange rates and opaque regulatory fees charged to users. As of 2016 world bank reports that Africa alone loses 1.8 billion annually in money remittance due to high exchange rate fees and opaque regulatory fees charged to users, thereby making it difficult for family members to fulfill their obligations.
Nip capital is a Startup driven by the belief that sending money should not be limited by physical borders. Our easy to use service is built with feature phones in mind. The service is plugged into mobile networks and banking platforms to make the process of moving money to your friends, relatives, employees or businesses across Africa cheap and instant. Less than third of the 550 million mobile subscribers in emerging markets own smartphone, yet these subscribers need access to low-cost and instant cross border money transfers. Existing services either concentrate on disrupting the banking industry by developing digital banking apps for smartphones or offer high transfer costs and opaque regulatory fees to their users.
We want to offer people in emerging markets transparency in remittance fees, lower cost money transfer service, simplify paper-heavy, expensive and logistically complicated financial systems, offer cross border transfer, open trade borders and increase financial security in Africa by leveraging existing and booming platforms such as mobile money, USSD and text messages