Minit Money
Last updated
Last updated
PROJECT OVERVIEW
Product: Minit Money easy-to-use remittance app
Company Name: Minit Money
Industry: Fintech / Cross-border Payments / Remittances
Website URL:
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.”
