A Nigerian-owned Fintech company, FinREMIT, based in the United Kingdom is set to launch its app on December 1, 2023 to connect the Diasporans to their roots and make sure that money being remitted back home are put into productive and good use.
Founder and Chief Executive Officer (CEO) of FinREMIT, Emmanuel Temitope Amujo, stated this during a zoom meeting which was attended by his management team and the media.
Amujo said the app when launched will not only usher a new era for diaspora financial inclusion but also reshape Nigeria’s financial landscape as well as bridge the gap between diaspora and Nigerian businesses especially the Small and Medium-sized enterprises (SMEs).
According to Amujo, FinREMIT would be a financial game-changer with the mission to mobilise significant foreign direct investment (FDI) from about 17 million Nigerians outside the country who contributes annually over $25 billion more than Nigeria annual budget in remittances which he described as a lifeline to families, creating of job opportunities and a boost to Nigerian economy.
Amujo, a development finance expert, said the app launch will commence with a target to remit about £200,000 pounds to a minimum of 200 small businesses by first quarter of 2024 with a view to create a minimum of 400 new jobs every two months.
“FinREMIT is a UK-based Nigerian-owned FinTech supported by the UK-Government to revolutionalize remittances for growing Sub-Saharan African countries. It is a data-driven mobile and web solution developed to identify, educate, and motivate migrant workers to be financially informed, included and reformed.
“Nigeria stands as a beacon of hope and resilience, not only within its borders but also among the diaspora. Approximately 17 million Nigerians live abroad, making us one of the largest African communities overseas. Annually, our diaspora contributes over $25 billion in remittances, a lifeline for both families and the national economy.
“Seamlessly blending cutting-edge technology with financial expertise, we offer comprehensive personal finance, education and investment guidance. FinREMIT acts as a bridge connecting us to our roots, enabling the flow of remittances to bolster Small and Medium-sized Enterprises (SMEs), NGOs, and social enterprises, entities traditionally sidelined in conventional financial markets.
“Our next step is to officially launch the FinREMIT web and mobile App on the 1st December, 2023. We will commence our first level of Foreign Direct Investment inflow into Nigeria directly to SMEs, NGOs and social enterprises that have been empowered to be investment-Ready. Our target is to Remit-2-Invest a minimum of £200,000 pounds to a minimum of 200 small businesses by first quarter of 2024 and ensure each businesses employ two new staff, and are registered to pay the statutory P.A.Y.E tax to the Nigerian government. This is an approach to create a minimum of 400 new jobs every 2 months and increase income tax of the Government.
“By middle of 2024, we hope to start mobilizing significant FDI from Nigerians in diaspora for capital infrastructure projects. Our long term vision is to mobilise an average of $50 million annually as remittances-driven Foreign Direct Investment out of the $25 billion remittance stock,” Amujo stated.
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