One major challenge of giant African ecommerce companies is processing of payment. They find it difficult collecting payments in one African currency and remitting it to a merchant in his own local currency. This is the problem RemX Limited is out to solve.
RemX is a company founded in 2020 by Eghosa Nehikhare with the intention of providing solutions to the biggest ecommerce challenges in Africa. This initiative was largely assisted with the backing of the Venture Garden Group (VGG), which was founded by Olufemi Olukunmi Demuren and Olubunmi Akinyemiju. The two Nigerian FinTech tycoons are also major shareholders and investment partners of RemX Limited. The idea for RemX came from the challenges encountered by its founder’s former firm when trying to process payments between two African currencies. In only its first year of operation, RemX was able to process $1.2 billion thus helping millions of merchants across Africa wire and collect payments easily and they certainly are showing no signs of slowing down, as RemX Capital Ltd was suspected to have successfully processed over $221m in just the first quarter of 2022 with sub companies like OIT Africa and Avalon Offshore Logistics.
The RemX business model is simple but sophisticated and solves a real problem that African merchants face on a daily basis.
RemX partners with local banks in countries where they operate. Two of their partners are Equity Bank and United Bank for Africa (UBA). These powerful partner banks perform a Know Your Customer (KYC) on RemX customers that ensures that they align with Enhanced Due Diligence which is the bank’s regulatory mandate.
To ensure transparency and avoid mixing funds, a bank account is created for every RemX customer at any of its partner banks. Banks keep funds. RemX partners with them and lets them do their job while RemX takes care of the more technical aspects of processing payment across multiple currencies.
With the entire system integrated and fully automated, RemX users can conveniently transfer and receive payments across Africa. RemX processes payments between currencies, while funds sit comfortably in RemX users’ accounts at a local bank.
HOW FINTECH FIRMS CAN ADOPT REMX BUSINESS MODEL
Companies in the Financial Technology industry would find the RemX business model useful. Adopting this model would give FinTechs the needed push as it solves one of the biggest e-commerce challenges. You already run your FinTech in the local market. Going the RemX way would help you penetrate other parts of Africa, expanding your business as well as helping more merchants solve their international payment challenges.
With RemX white labelling option, adopting RemX business model into already established FinTechs is extremely easy. RemX white labelling system allows businesses to integrate RemX’s powerful capabilities seamlessly into their live products. It provides a multi-currency payment processing system for already existing African merchants thereby giving them the chance to expand their business. RemX white labelling lets you scale your own business at the same time as scaling your existing business.
HOW MERCHANTS CAN CHOOSE REMX
Millions of merchants involved in trading between two or more African countries, who prefer to avoid problems with the government or politicians, are fast adopting RemX as their trusted multi-currency payment processor. The firm processed over $221m in the just the first quarter of 2022, and since inception in 2020 to the first quarter of 2022, a total of $2.2 billion has been processed in payments. RemX is solving a big challenge for merchants and they are happy to have finally found an easy solution.
If you are not using RemX, then you are losing money, time, and valuable business growth. Perhaps you have left your business within your local borders because you cannot successfully receive payment from potential clients in other African countries. Alternatively, you might have expanded your business across Africa but waste valuable time handling payment challenges each day.
RemX’s well curated business model can directly impact on your business as a merchant just by using it to accept payments from bank accounts in other African countries where your products are sold. RemX Capital Ltd takes care of your business payment processing needs allowing you more time to build your business. With payment processing out of the way, you can comfortably expand your business to every African country where RemX operates. This automatically leads to more revenue for your business as well as an undeniable business expansion and growth.
Indeed, the RemX business model is a powerful revolutionary system that changes the way merchants wire and receive money across Africa both for FinTech companies and the merchants themselves. Since launch, the RemX business model has seen huge successes because it solves a major pain point in not just Nigerian and Kenya but Africa’s e-commerce industry. If you want your business to enjoy prosperity in the African market either as a merchant or as a FinTech firm, then you should adopt the RemX business model.