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Minit Money

PROJECT OVERVIEW

  • Product: Minit Money easy-to-use remittance app

  • Company Name: Minit Money

  • Industry: Fintech / Cross-border Payments / Remittances

  • Geographic Reach: Southern, West, and East Africa; Switzerland

  • BSV Integration Start Date: Circa 2016 (parent company Centbee), Minit Money launched later

BUSINESS CHALLENGE

Inefficiencies or Risks:

  • High remittance fees from traditional providers

  • Delays and lack of transparency in money transfers

  • Limited access to financial infrastructure for underserved communities

Why Traditional Systems Were Insufficient:

  • Reliance on intermediaries increases costs and time

  • Legacy banking systems lack inclusivity and flexibility

  • Regulatory barriers and manual processes limit innovation and speed

WHY BSV

What Made BSV Ideal:

  • Unbounded scalability and ultra-low transaction fees

  • Stable protocol and efficient infrastructure for seamless micropayments

  • Enables real-time, cross-border digital cash transactions

Comparison to Other Blockchains:

  • BSV chosen for its superior efficiency, speed, and alignment with Bitcoin’s original vision—real-world utility and scalability

SOLUTION ARCHITECTURE

BSV-Based System Overview:

  • Minit Money operates as a mobile app powered by BSV for secure, low-cost remittances

  • Users can top-up wallets in retail stores, ATMs, or via bank transfers and send funds internationally

Key Components:

  • Tokenization: Exploring use of BSV-based stablecoins to enhance end-to-end digital experience

  • Partner Ecosystem: Integrations with Centi (Switzerland) for on-ramps and Centbee (South Africa) for wallets/off-ramps

Role of Partners/Vendors:

  • Centi: Provides Swiss-based on-ramp for customers

  • Centbee: Core technology provider enabling wallet services, cash top-ups, and API integrations

IMPLEMENTATION PROCESS

Phases of Rollout:

  • Initial development through Centbee’s wallet platform

  • Launch of standalone Minit Money app

  • Expansion to new African corridors and Swiss markets

Integration with Legacy Systems:

  • Worked around legacy infrastructure using BSV to bypass traditional banking bottlenecks

Stakeholder Onboarding:

  • Customers onboarded via easy wallet top-up methods and in-app guides

  • Retail and bank partners enabled for cash deposits and withdrawals

OUTCOMES & BUSINESS IMPACT

Quantifiable Improvements:

  • Over 40,000 remittances processed by mid-2023

  • Millions of dollars in small transactions delivered via mobile money, bank accounts, and cash pickups

  • Significant reduction in remittance costs—up to 85% in some corridors (e.g., Switzerland to Africa)

Before vs After:

  • Traditional fees ~10–15% → Minit Money fees reduced to ~1–2%

  • Transfer times reduced from days to near real-time

Stakeholder Feedback:

  • Customers appreciate fast, affordable, and transparent transactions

  • Regulatory sandbox acceptance (e.g., South Africa’s IFWG) validates the approach

CHALLENGES & MITIGATIONS

Challenges Encountered:

  • Volatility of the broader crypto market

  • Regulatory hurdles in emerging markets

  • Adoption lag on the recipient side for digital currencies

Mitigation via BSV:

  • Shielded users from crypto volatility by using BSV only for backend transfers

  • Worked with regulators via sandbox programs to ensure compliance

  • Exploring stablecoins to encourage greater digital usage by recipients

FUTURE VISION

Expansion Plans:

  • Broader rollout in Africa and Europe

  • Additional payment corridors to be launched in key diaspora markets

New BSV Functionalities:

  • Stablecoin integration for local currency stability

  • Continued focus on micropayments and instant settlement capabilities

TESTIMONIAL HIGHLIGHTS

"We’re helping customers send money back home quickly and at low cost. With BSV, we’ve seen adoption grow and the potential is just beginning."

— Lorien Gamaroff, Co-founder, Minit Money / Centbee

“We’re confident that we can offer customers a very affordable experience by using blockchain technology to go around the traditional banking systems.”

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