How it Works

uremittance(the first letter “u” is actually µ which is the sign for micro) , is a micro remittance SaaS solution on which micro remittance services are to be built eg. rxremit.

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 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 uremittance platform: Here individuals form groups ideally of about 4 members. Each of the members may have their dependents. Knowing that they would want 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 give $50 every week and the total $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 send a micro remittance and it will be coupled with another micro remittance and delivered. Details to be made available in extensive description document.

- 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 into a common basket 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.