Bank Remittances

Mi-Pay provides a range of bank branded remittance services including the provision of fully compliant and cost effective eWallets or virtual bank accounts. In addition, Mi-Pay also provides a wide range of infrastructure services to support agent networks working for the bank supporting the deployment of financial services to non-banked consumers in largely cash-based economies.

These offerings enable the bank to extend its reach beyond its current branch based network and to encompass new opportunities to provide basic financial services to many more people in a secure, yet cost effective manner through a combination of the consumers mobile phone and a widespread agent network.  These are typically configured in a chain of vendors and related sub-vendors across multiple territories and can be developed to encompass a wide range of cash-based financial services including handling domestic and international money transfers, bill payments for numerous products and services and acting as "Mobile ATM's" providing cash out facilities in largely rural areas or those not served by an adequate ATM network.

Mi-Pay's solution offers a number of benefits:

• Reduced capital and headcount spend by Mi-Pay providing an outsourced solution
• Can reduce the cost of managing the banks distribution chain with mobile handset based electronic distribution.
• Improved information giving ability to drive new revenues and motivations for sellers e.g. 
• identify which distributors are selling best, and reward appropriately, leading to a higher volume of sales

For further information on Mi-Pay's remittance services download a product brochure.