Firm Unveils App for Diaspora Remittance

A Nigerian-owned fintech company has concluded plans to launch a mobile app to boost the growth of small and medium enterprises through diaspora remittance.

The firm based in the United Kingdom said the app, FinREMIT, will help bridge the gap between remittances and financial inclusion, thereby providing a much-needed boost to developing economies.

The founder of the company, Temitope Amujo, in a statement on Wednesday, said the app when launched would not only usher in a new era for diaspora financial inclusion, but also reshape Nigeria’s financial landscape as well as bridge the gap between diaspora and Nigerian businesses, especially the small and medium-sized enterprises.

According to Amujo, the app would be a financial game-changer with the mission to mobilise diaspora remittance from about 17 million Nigerians outside the country to boost the Nigerian economy.

The statement read: “It is an honour to unveil a groundbreaking FinTech innovation that promises to reshape our understanding of remittances and financial empowerment.

“Nigeria stands as a beacon of hope and resilience, not only within its borders, but also among the diaspora.

“Approximately 17 million Nigerians live abroad, making us one of the largest African communities overseas.

“Annually, our diaspora contributes over $25 billion in remittances, a lifeline for both families and the national economy. However, the truth remains: our migration (known as “Japa”) is not an issue; it’s a testament to our potential.

“The real sin lies in not harnessing the immense power of these billion-dollar remittances to uplift our nation.”

Amujo added that the app would commence with a target to remit about 200,000 pounds to a minimum of 200 small businesses by the first quarter of 2024 to create a minimum of 400 new jobs every two months.

The statement added that the app and website version would be launched on December 1, 2023.