money transfer tech
Africans living abroad send over $40 billion back to their home country annually — yet the process continues to be expensive, fraud-ridden, and complicated. A new Houston-area startup has a solution.
AiDEMONEY, based in Katy, has launched a money transfer app for mobile devices. The app enables digital transfers from the United States to five African countries: Cameroon, Ethiopia, Ghana, Kenya, and Nigeria
"International remittance has always been about people living in diaspora wanting to share their success with people back home," says Uzoma Eze, AiDEMONEY co-founder and CEO, in a news release. "By replacing profit as the point of the spear, we're helping Africans fund Africa and, ultimately, rewriting our motherland's story."
Eze co-founded the company with Felix Akompi, a fellow member of Houston's African diaspora community and the company's COO
The app, which is already available on the App Store and Google Play, focuses on blockchain-powered security and instant transfers. The company also designed the platform with a "give back" model that builds a stronger Africa.
With every transaction fee, users are funding progress in Africa. A portion of customer transaction fees to nonprofits in education and literacy, women's empowerment, and healthcare. Currently, AiDEMONEY partners with the Lagos Food Bank Initiative, Shalom Sickle Cell Foundation, Sharing Smiles Initiative, and Jenny Uzo Foundation.
"We're creating a superhighway for tens of billions in USD to flow from one part of the world to another," Eze says. "When you have the right people with the right vision, that capital tills the ground—tilling out profit, social advancement and a stronger Africa."
Doing Money Remittance Better | AiDEMONEY, The African Diaspora's Money Transfer App www.youtube.com