Frequently asked questions

FAQs

General Information

SureRemit is an ecosystem of merchants for global non-cash remittances.

The SureRemit Ecosystem is designed to address two major problems immigrants face when executing cross-border and local money transfers:

1. The cost of remittances is punitively high. Transferring money via banks and traditional international money transfers operators could cost from 7-12% of the value transferred;

2. Over 40% of remittances are intended for specific uses like food, clothing, medicine, school fees or utility bill payments. Senders (immigrants) want to ensure that their money is being utilized for its intended purpose.

SureRemit removes the cash layer by eliminating cash agents leveraging cryptocurrency. The platform connects senders directly to the merchants that serve their recipients basic needs back home.

SureRemit is a global ecosystem of merchants that have been aggregated to enable immigrants send direct value to family and friends back home. This allows immigrants to send vouchers for specific value without incurring outsized remittance costs.
The Ecosystem is made up of;

  • Merchants across various sectors, eg: Pharmacy chains, Retail outlets, Grocery stores etc
  • Bills such as Power, Water, Cable etc.
  • MNOs for Airtime and Data subscription

  • Available in different countries and will eventually spread to all remittance corridors.

    The team behind SureRemit are a group of experts who have varying experiences across E-commerce, Banking, Aviation, Logistics, and Finance. The co-founders were part of the founding team of Jumia which is regarded as the only tech Unicorn in Africa and have also executed successful projects in Banking and Financial Services industry. SureRemit is built on the back of SureGifts, the first gift card aggregator and retailer in Sub-Saharan Africa, backed by leading traditional investors and Angels such as;

  • 500 Startups, one of the leading tech-accelerators in the world,
  • GreenHouse Investments
  • CRE.VC which led one of the largest investments ($40mm) ever into an Africa-based company,
  • SureGifts already has some of the biggest retail outlets in the countries where it's operational. We have also concluded partnership agreements that give us access to;

    • Over 500 network operators globally
    • Network of merchants in India
    • Network of merchants in UAE, Saudi Arabia, Qatar, Bahrain, Lebanon and Oman

    • And we are working to get access to more merchants in SouthEast Asia and Latin America.

    The first difference is that SureRemit ALREADY has an ecosystem. Vouchers are already being redeemed at our partner merchants locations on a daily basis. You can view real-time voucher activity on https://live.suregifts.com.ng A lot of other projects trying to power remittances are yet to develop and activate a viable ecosystem of redemption points. Also, SureRemit is exclusively focused on non-cash remittances, so that there can be accountability in remittance to make senders more comfortable in knowing that money spent is utilized for its intended purpose.

    Yes, there will be KYC to verify identity and address.

    ABOUT SUREREMIT / SUREGIFTS ECOSYSTEM

    Why Tokenize? Why not build the platform on top of Ethereum?
    Ethereum utilizes GAS to execute transactions on the Ethereum blockchain, these transaction fees continue to rise and with the increasing number of ICOs on its platform alongside a growing market capitalization this is not going to reduce anytime soon.
    Creating RMT tokens that interact with the SureRemit platform allows the network to have aligned goals and incentives, not dependent on the future nature of another cryptocurrency and provides the flexibility to grow our own network.

    Remit tokens are being generated and held by Greenhouse Investment Holding Company on behalf of token holders. Greenhouse is a GBC 1 company incorporated in Mauritius and operating under Mauritian law, and are investors in SureGifts.

    We have already processed order requests from immigrants in 23 countries who are trying to transfer value back home, confirming that there's a market for this product which motivated us to build out SureRemit. While our primary targets for growth will be immigrants, we will create special marketing campaigns focused on beneficiaries at home, and use them to acquire senders.
    We will also focus on improving the experience for existing customers and reduce attrition from the platform by constantly improving the product.

    We are currently enabling acceptance in 3 markets and plan to expand into new markets based on how valuable they are as remittance corridors. We've already secured some partnerships that gives us access into the European, Indian and Middle-Eastern markets.
    The target markets in 2018 will be more of South-East Asia and Latin America while growing our presence across the rest of the World.

    RMT is going to be the only circulatory token which will be used on the SureRemit platform.

    Blockchain technology is an integral part of our project and it will mainly be used for following purposes :

  • Payment Processing
    Most global payment gateways refuse to process payments for remittance companies or impose unreasonable costs and restrictions due to regulatory requirements to prevent money laundering and the funding of other criminal activities., The blanket refusal to entertain remittance technology innovators affects companies such as SureRemit, even though the service is focused on non-cash remittances. Blockchain and the use of cryptocurrencies allow anyone to take advantage of our platform to get the help needed to friends and family anywhere they are in the world.
  • Reducing Frictional Costs
    Traditional methods of transferring capital incur relatively high transactional costs (often up to 12% along with flat fees regardless of transaction size) due to banks and other financial intermediaries having to address counter-party risk and settlement or clearing costs. Using RMT significantly reduces these costs, especially if users engage in large amounts of relatively small payments.
  • Creating a System of Record
    The blockchain ledger is a publicly-verifiable record that can be used to confirm that vouchers purchased or bills paid on our system have been delivered and redeemed for their purpose. Immigrants using our platform will have confidence that vouchers have been redeemed for what they were purchased for, with a dependable system-of-record always available as an accounting of their usage.
  • WHY STELLAR AND NOT ETHEREUM

    The Article below helps explain our decision to build on Stellar and not Ethereum.
    https://www.stellar.org/blog/using-stellar-for-ico/

    ABOUT RMT TOKEN AND TOKEN SALE

    Yes, there will be Pre-Sale.

    Yes, register for Pre-Sale to learn more.

    You can purchase using USD, ETH, BTC, LTC and XLM, Details on how to contribute can be found here

    You do not need to have a Stellar wallet before participating, but a wallet will be created for you after payment, so you can receive your RMT tokens.

    Minimum purchase is equivalent to 500 USD in Pre-sale and 50 USD in Crowd-Sale. There is no maximum cap on purchases.

    50% will be sold in the token sale. Tokens are distributed immediately during the crowd-sale but are locked up and holders cannot transfer them for 30days after the sale.
    35% will stay with the Company,
    10% will go to the Team and Advisors and
    5% will go towards Community Development.

    The price for the ICO period is set at 1 USD = 50 RMT. Bonuses apply for early participants.

    Yes. Details on how to contribute in USD can be found here.

    We have discussed with Legal experts who understand the ICO landscape and have been assured that RMT tokens are not securities.
    RMT tokens are app tokens used inside the SureRemit system and holders are not entitled to any guaranteed form of dividends, revenue distributions, and voting rights.

    Yes, RMT tokens will be available on Stellar's decentralized exchange after the ICO, and will be listed on other popular and local exchanges.

    The funds received during the ICO will be used for further development and expansion of the project.
    The preliminary distribution of funds is as follows:

    • 35% Ecosystem Merchant Expansion
    • 30% Sales & Marketing
    • 25% Technology & Infrastructure
    • 10% Legal and Operations

    Yes, there will be a bounty program, details will be shared shortly. We will also introduce a referral program.

    The target is $10,000,000. The soft cap is $2,000,000.