How it Works

nano signifies a small amount (from the measuring unit) , nanoPLEDGE is a planning platform for setting money aside, be it for remittance or savings. It's a SaaS solution.

Micro remittances are arbitrarily $200 or less(limit can be revised to $49 or less). For large groups, more than $200 may be remitted but each individual still contributes $200 less.

Overview of Services

This is a planning service for micro remittance service that permits users to do micro remittances in several ways

- One-to-One

Cyclic Group Remittance

This is the flagship service on the nanoPLEDGE platform: Here individuals form groups ideally of about 4 members. Each of the members may have their dependents. Knowing that they would want to PLAN to send about $200 every month but cannot manage to give that at a go and cannot also afford to send $50 every week of the month so they form a group. In this group they get to check on each other to set aside $50 every week in an "escrow savings" styled system. So that the targetetd $200 is sent to one of the group member’s dependents, then the next week the money is sent to the next group member’s dependent until a cycle is completed thus every group member’s dependent gets remitted once a month with $200. Controls have been put in place to prevent abuse of the group system.

(Operator assisted): here an individual who does not want the group system will be able to personally plan and save to send the remittance. The usefulness of this platform will then be for reminders only.

- Many to One

Here a group of remitters form but all have the same dependant(s). Eg. Siblings who want to remit their parent(s). Each sibling commits to remit eg $60 a month to one of them which is then sent to their parent(s)

- Many to many (crowd funding model)

This is similar to the first example however there are small groups with common interests who want to remit very small amounts individually into a common basket. The common basket is still too small to remit so it is joint to other small group’s common baskets to remit. Eg. Clans in the diaspora are all taking care of some orphans within their clans back at home with small remittances

- Request for pair /trio instant transfer: Here you can pair up with one or form a group of three to do an instant transfer without cyclical deposit.

Value Added Services

In addition to the microremittances, added service for targeted remittances eg. For health rxremit , that is a specialized service for remittances targeted for special purposes. For rxremit there will be feedback proof eg. rxpaylist where the remitter can have access to evidence on what the money was used for. Evidence is on three levels.

- Beneficiary self-reporting : here the individual can send a picture of receipt eg. of hospital bill through the rxpaylist system

- Seconded Reporting: here the beneficiary sends evidence of use eg. receipt with the endorsement of an official eg. hospital administrator or accountant places are special stamp to show authenticity

- Third party reporting: here an official at the facility which provided the service. Eg. hospital accountant sends the receipt independently

- Integrated automated reporting: here the payment systems at the facility or fintech partner are integrated into rxpaylist and automated reports are sent to the remitter.