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Our Mission

 

Our core goals

Sending money home (remittances) contributes to economic growth and to the livelihoods of many people worldwide. Remittances have the greatest impact on those living in developing countries. Remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion.

Money Move IT is a New Zealand based company that has developed a web based cross‐border payment platform to achieve the following:

  • Dramatically reduce transaction costs – reduce costs from the industry standard of 10% - 20% of the amount transferred to approximately 5% of the amount transferred with Money Move IT. There are no fees to hold net balances in the system, fees are only charged on transactions completed.
  • Reduce indirect costs – there will be a reduced need for people to physically travel to a local bank, agent or ATM machine to either send or receive money.
  • Improve accessibility – available anywhere, any time. We intend to release a mobile phone money transfer platform that will compliment our existing web based service. Any registered user with a mobile phone will be able to find out their current balance, and see the latest transactions (domestic and international transfers) on their account.
  • Assist financial inclusion – In many developing countries, there are a large number of “unbanked” adults, who are excluded from the financial system, partly due to lack of access, and the cost of many banking services. Money Move IT will enable anyone with a mobile phone (or relatives/friends/agents who have a mobile phone) to have access to basic banking services (hold money in a central account, pay bills). The Money Move IT system will allow account topups (i.e. not related to a specific money transfer), with any net credit balance being held free of charge for later use.
  • Encourage transactions through formal channels – with quick, secure, cheap and convenient money transfer available, it will be more likely that people will choose Money Move IT to transfer money, meaning that transactions can be tracked and reported on, and Anti Money Laundering, Treasury and other legislation can be complied with. It is estimated that currently about 50% of all transactions in developing economies occur through informal channels.
  • Assist business development – the low cost money transfer system developed by Money Move IT will assist to lower some of the barriers to doing business. For example, Money Move IT could be used for making and tracking microfinance loan repayments, allowing automated checking that repayments have been made according to an agreed repayment schedule. The amount of each repayment is typically very small, and currently checking that payments have been made is manual and time consuming for many microfinance agencies, contributing towards the high rates of interest that are frequently charged for these loans.
  • Available to all - deliver the system with the benefits outlined above to as many countries as possible.

Money transfer and the Pacific Islands

Although there are many money transfer providers operating in each country in the Pacific, the region is still not well served, with currently some of the highest remittance charges in the world. 

A recent World Bank report estimated that overcharging on fees related to remittances likely removes USD 40m from Pacific Island communities per year. Remittance amounts vary across the Pacific, but for some countries, they are the most important component of cash flowing into the economy. In Tonga, approximately 39% of GDP is from remittances, 36% for Tuvalu, and in Samoa about 14% of GDP.



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