UK-Based Nigerian Unveils Remittance App, Targets £0.2m In Q1 2024
In a bid to enhance employment opportunities and create jobs for Small and Medium Enterprises (SMEs), the United Kingdom-based Nigerian Entrepreneur, Temitope Emmanuel Amujo has concluded plans to launch a FinTecH app called ‘finREMIT’ on December 1st, 2023
Speaking at a virtual meeting Tuesday, Amujo who is the founder of finREMIT said the app is targeted at remitting up to £200,000 pounds into the economy through the creation of about 200 SMEs between Nigerians abroad and those at home within the first quarter of 2024.
He said finREMIT is making arrangements with the Deposit Money Banks (DMBs) and the Microfinance Banks (MFBs) for a seamless transaction to build the trust of Nigerians in the diaspora to channel their funds confidently without being doubtful in their Investments back home.
He said “I stand before you today not just as the Founder and CEO of FinREMIT but as a devoted advocate for transformative change within our nation’s financial landscape. It is an honour to unveil a groundbreaking FinTech innovation that promises to reshape our understanding of remittances and financial empowerment.
While leveraging on the high population as a black nation, he said “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 that 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.
“On December 1st, we will make history as we launch the UK-Nigeria bilateral version of our FinREMIT FinTech web and mobile App, with the following unique value propositions (UVPs). We will commence our first level of Foreign Direct Investment inflow into Nigeria directly to SMEs, NGOs, and social enterprises that have been empowered to be investment-ready.
“Our target is to Remit-2-Invest a minimum of £200,000 pounds to a minimum of 200 small businesses by the first quarter of 2024 and ensure each business employs two new staff and is registered to pay the statutory P.A.Y.E tax to the Nigerian government. This is an approach to create a minimum of 400 new jobs every 2 months and increase the income tax of the Government.”
The FinREMIT is a transformative web and mobile application representing innovation and progress in its truest form.
The app transcends the confines of a mere financial application; it embodies a movement, a force designed to empower every individual in the African diaspora, offering comprehensive personal finance, education, and investment guidance.
“FinREMIT acts as a bridge connecting us to our roots, enabling the flow of remittances to bolster Small and Medium-sized Enterprises (SMEs), NGOs, and social enterprises, entities traditionally sidelined in conventional financial markets.”
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