Remittance Redefined

 High Confidence. High Comfort. Zero Cost.

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confidence

CONFIDENCE

Obtain full transparency and peace of mind. We leverage the latest security measures to ensure that your money is safe and that it ends ups in the right hands.

comfort

COMFORT

Your loved ones can get the funds for immediate use. That’s 5 business days less than banks.

zerocost

ZERO COST

You shouldn’t have to pay for money you’ve earned. Send money home with no fees.

We work hard to securely transfer your money, because you worked hard to earn it.
Your security is our priority. We constantly monitor all activity, ranging from country-specific risks to login attempts.

transparency

COMPLETE TRANSPARENCY

Both sender and receiver can monitor status of each voucher in real time when done through monami app.

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SEGREGATED ACCOUNTS

Your personal information is stored in a separate account offline to improve security.

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FULLY ENCRYPTED

Your data is encrypted with AES-256 encryption. Our site is run on SSL.

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2X AUTHENTICATION

Rely on username and password as well as unique pin to access your account and your voucher.

EMPOWERING THE NEXT BILLION

For You

For Merchants

1 BUY: Get vouchers at 0% through partner location, website, or mobile app

2 SEND: Each voucher comes with a serial number and a pin. With the secret pin, your family can access the money with no wait.

3 SPEND: Go to any number of merchants in your area and redeem the total amount with the serial number and pin for any combination of cash or goods at the store.

1SIGN-UP: Our team makes it easy to join partner with Monami, from leading your store staff through security and risk protocols to offering ongoing 24/7 support.

2PROCESS: Customers will come with serial number to redeem for goods and cash

3GET PAID: Monami will settle all vouchers processed, improving your cash flows

Learn more about Monami

See FAQs

"We want to empower the next billion consumers"

We deliver on this mission by providing a commission-free, secure, and instant way to transfer funds home, because we know it's about more than the money. Monami is about enriching families' lives and their communities - enabling migrant workers to provide more for their families back home and driving demand for our partner merchants.

Obsess about the end-user: Every decision we make must provide tangible benefits to the end-user.

 Strive for transparency and open communication: Trust is critical for success of our team, and transparency and open communication are crucial to that trust.

 Challenge the status quo: We know the remittance market and the payment domain are challenging problems – that’s why we started Monami.

 Embrace humility, curiosity, and courage: There is no playbook for how the remittance landscape should look like in 2020. From CEO to interns, we make difficult decisions and take calculated risks, and learn from everything we do.

Ammar Afif, Chairman of the Board | ammar@gomonami.comlinkedin

Ammar has more than 20 years of experience in leading finance and strategy for key technology and service organizations and currently serves as the CFO of a major credit card processing company. He has raised over $200MM from VC/PE firms and has successfully sold 3 companies with attractive returns for investors. Previously, Ammar served as CFO and COO for NaviNet, America’s largest real-time healthcare communications network.

Anthony Varvaro, Co-Founder | anthony@gomonami.comlinkedin

Graduate of Concordia University, Qualified As Chartered Accountant in Canada in 1995 Anthony brings over 20 years of accounting and payment industry experience. Anthony established one of the first prepaid private labeled ATM card programs in USA issuing over 350,000 cards worldwide.

Sameer Anwar, COO | sameer@gomonami.com linkedin

Before Monami, Sameer served as Head of Product Development at Bizpora, a London-based startup that was successfully sold. He also worked in management consulting at Bain & Company and in investment banking at JPMorgan, Bank of Montreal and KPMG Corporate Finance in NYC and Toronto. B.Sc/ CA : Georgetown U. MBA: Kellogg School of Management

Monami Blog

5 Reasons the Remittance Industry is Ripe for Disruption

Change Start Button In our last post we explored the meaning of disruptive innovation. Now we take a closer look at why the remittance industry is ripe for disruption.

1. There is a blatant customer pain-point: exorbitant fees

It costs $40 to send $200 from South Africa...Africa’s second largest economy has a 20% fee on remittances! The World Bank called these exorbitant fees “wrong”; we call them ridiculous. The global average cost of remittances has come down over time: 9% in 2008 and now, six years later, it is just over 8%. However, this is too slow for millions of blue-collar migrant workers whose families rely on their remittances. Furthermore, the World Bank’s calculations do not include fees to the recipient (“back-end” fees). The World Bank estimates 11% - 21% of money transfer providers are also charging the recipient.

2. Market leader complacency

It would be hard to fault Western Union, the global leader in remittances, for complacency. They have a trusted brand and 15% market share, 3x that of its closest competitor, MoneyGram. Digital seems like the obvious disruption source but in developing countries cash is still king, which means physical payout locations. Western Union’s 500 thousand plus agents in 200 countries offer economies of scale that would be time-consuming and costly to replicate. However, their size and global focus limit their ability to, and interest in, responding to focused entrants. Smaller players can carve out niches by targeting certain corridors and catering to the needs of those customers.

3. Lack of transparency in remittance pricing

Money transfer operators (MTOs) are cheaper than banks but they still earn “mouth-watering margins” thanks to a lack of transparency in pricing. As the World Bank explains, the total cost of a remittance is not always clear to customers as there are several variables: the transaction fee, the exchange rate, and the margin, amongst others. In principle, all of this information should be available to the customer; in practice, it is not. The World Bank’s database of remittance prices is a start; more advanced aggregators and real-time price comparison tools will shed more light for customers.

4. Many remittance services do not cater to the low-end

Many remittance fees are per transaction and not limited to the amount, so customers are incentivized to send money in bulk. However, in the event of emergencies, like medical issues or crop failures, remittances are urgent. Moreover, half of the world’s adult population is unbanked so bulk transfers can cause cash flow concerns. Even for those with bank accounts, banks do not want to deal with small transfers as the “interbank transfer systems were built to move money in big lumps rather than by the spoonful.” Similarly, a former executive at Western Union told us that low dollar remittances are a “nuisance” to MTOs. New technologies, like bitcoins and online transfers, may eventually disrupt the remittance market but they currently rely on infrastructure that is not available in many developing nations.

5. Increasing costs of running the traditional remittance model

More strictly enforced anti-money laundering (AML) regulations are increasing the costs to banks and MTOs of handling money transfers. This has already caused some players to exit the market, particularly banks. Those who do not exit will see their margins shrink unless they raise prices, which they could do considering their will be less supply and demand is only increasing. Western Union has confirmed they are capturing business from exiting banks, only making them bigger (see #2 above). Physical locations are often necessary for remittances but the agents who act as intermediaries collect commissions, bloating transaction fees. New business models that are not subject to the intensity of AML regulations and that disintermediate agents will give clear cost advantages. There are several companies entering the remittance space with innovative offerings. Here is the story of Monami's disruptive solution to sending money home.

In our last post we explored the meaning of disruptive innovation. Now we take a closer look at why the remittance industry is ripe for

Disruption: What is Disruptive Innovation?

Do Not Disturb Sign Let’s be honest: “disruption” is a trendy term used to get VCs to invest and users to adopt. Every shiny new toy claims that it will shake up an industry. Many don’t, some just nudge. Then there are the few that make all the media hype worthwhile. They register on the Richter scale: the Ubers and the Chobanis. These masters of judo-entry catch entrenched industry leaders unaware, delight customers, and change the way we do business. Clayton Christensen defined disruptive innovation in his seminal book “Innovator’s Dilemma.” The dilemma goes as follows: to be successful, companies need to understand and stay close to their target customer. In so doing, they develop incentives to satisfy existing customers but limit their own ability to react to new technologies. These new technologies fuel the eventual demise of these leading firms—firms that could and should have pioneered these technologies. Consider Kodak, the inventor of the first digital camera in 1975. When high margin film is your bread-and-butter how do you successfully transition to digital, especially when your existing (read paying) customers are not even asking for it? How do you manage self-cannibalization? Disruption has recently come under-fire, most notably by the New Yorker’s all-out assault on Clayton Christensen, reducing his theory to a “circular argument” that is “blind to continuity.” MasterCard called disruption in financial services a “myth” and preferred to paint innovations like mobile payments as collaborative not disruptive to incumbents. Mobile payments “are not about to displace or replace any other payment methods,” the MasterCard blog writer claims…that is certainly up for debate (keep an eye on our blog for more on this). Like all print publications, The New Yorker itself has faced disruption from digital media. The magazine was slow to adapt to the web until they brought on Nicholas Thompson (former senior editor of Wired) to evolve their online presence. They went from repurposing a few print stories online to posting as many as 18 digital-only pieces a day plus a catalog of apps, a blog, and original videos. Nonetheless, they are tightrope-walking the line between using digital to complement and drive print sales (“collaborative innovation” to use MasterCard’s distinction) and replacing their print content with the cheaper and more convenient digital experience (self-cannibalization). So the question remains: what is disruption? Disruption is a change. Simply put, a disruptive innovation causes existing players to exit certain markets or fundamentally change how they do business in order to compete. By its very definition, disruption must effect change. Disruption democratizes technology. It makes a product or service accessible to a larger population by making it cheaper and / or simpler. The iTunes store allowed us to just buy the songs we wanted instead of the whole album (goodbye record store); Spotify allows us to stream any song we want from a wider range of devices (goodbye iTunes?). Disruption is a way of thinking about the future. Clayton Christensen argues that using a data driven approach limits you to the past. There is no data on the future so the only way to look at the future is through a theory, Christensen reasons. Disruption is meant as a perspective through which businesses can examine the decisions that will determine their future success. Disruption is a new business model. It is more appropriate to call a business model (not a product or a service) disruptive. TechCrunch may have said it best: “In order for a company to disrupt, the revenue and cost structure of the incumbents […] must keep them from responding […] If you apply this model of disruption to past fads, you can predict with incredible reliability which products turn into long-term successful businesses and which ones don’t.” Disruption is a narrative. Technicalities aside, in the eyes of the consumer, disruption is the story of a hero, or more specifically, the underdog. It is David taking on Goliath; Rocky versus Drago. Americans in particular love the underdog and root for his success. Disruption gives us the language for this competition and the logic behind our emotional bias for the smaller upstart. In our next post we’ll explore why we think the remittance industry is ripe for disruption and why Monami is listening to the Eye of the Tiger

Let’s be honest: “disruption” is a trendy term used to get VCs to invest and users to adopt. Every shiny new toy claims that it

Remittance Redefined

A New Way to Send Money

There are over 230 million migrant workers in the world. They send home US$500 billion annually—that is more than global FDI. Here’s the problem: the average cost of sending money across borders is currently 8.14% and in some corridors it is more than 20%. The World Bank called it “wrong”; we call it ridiculous. When you have family that relies on your support, every dollar counts. The good news is that competition and innovation are already pushing prices down. Governments are incentivizing remittances; banks, traditionally the most expensive way to send money, are partnering with telecom providers; and bitcoin is promising a bold new way to transfer money. The GREAT news (in our opinion) is that we have a couple of ideas of our own on how to shake up the remittance market. We decided to skip 5% and 2% and figured that we might as well just make it free. By integrating retailers with the remittance network we will allow instant global transfer of funds, with high confidence, high comfort and at ZERO cost. But this is about more than just sending money. Monami is about enriching families’ lives and their communities; our mission is to empower the next billion consumers. Join us on our blog as we discuss and explore how people all over the world are disrupting markets to make a difference. This is remittance redefined.

A New Way to Send Money
There are over 230 million migrant workers in the world. They send home US$500 billion annually—that is more than global

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