Denarii Cash #zerofees
An overwhelming response so far since the announcement our acceptance in 500 Startups and MiSK foundation. Thank to you everyone!
Since we started Denarii Cash. I always get asked, “If you are offering ZERO fees transaction Jon, how do you make money and how you are covering your costs?” To help everyone in my network to understand how we are helping overseas workers to send more money by leveraging technology, I will discuss my answer here.
First, to put it in perspective, I want to tell you how much it costs you every time you send money to the Philippines from the UAE. According to the latest data compiled by the World bank, service providers that deals with money transfer have increased remittance fees to as much as 9.75 percent last year. That is almost 100 AED for every 1000 AED you sent every month. Probably you might think this a small amount, well, think again.
That is more than $7 Billion dollars that goes to the transaction fee. If we put it on a bigger picture, given that UAE and Saudi is the second and third largest country that sends money abroad, that is responsible for $81 USD Billion Dollars globally. These fees that are taken out from your hard earned salary.
So how are we challenging the status quo? We believe that by leveraging new technology in the market, we can reduce the cost of sending money for up to 5x cheaper than the traditional way of sending money back home. How?
- Unlike other companies which employ hundreds if not, thousands of employees to process the transfer (the teller, the manager, the branch etc..), we are using an easy to use mobile application to do this for you. You download the app, top-up and send money to your family back home instantly and hassle-free. It could be to their bank or other house exchange like Palawan, Cebuana, etc. We cover our cost from the minimal conversion rate, this helps to cut down our operational cost by mile. With this being said, Denarii cash aims to become a technology-focus company and pass the cost savings to you, the consumer.
2. One of the reasons we pursue this mission is because of the people who believe in us and our goal. With the help of 500 Startups, MiSK innovation (Under Prince Mohammed bin Salman bin Abdulaziz Foundation) and along with my co-founding team, mentors and advisors all this become possible.
3. We believe that by providing value first to our fellow Filipino and to other overseas workers in the Middle East, we can win the approval and acceptance of our community. We hope that by giving our Kabayans with the chance to save more, we can help them send more money to their loved ones.
Eventually, once we provide other services in the mobile wallet, we can start to cover the cost and turn the company to profitability.
We are doing this because, as an OFW, we have experienced the pain points of sending money back home to our family. It is expensive and time consuming. One of our mission is to help you get the most out of your hard earned salary , this is one of the reason why we started Denarii.
In this way, we hope to ease the hassle and reduced your cost so you can provide more money to your loved ones back at home
So if you are a Filipino working abroad, share this post, download the app using this link: https://bit.ly/2HpTkJw, and grab the opportunity to save more and send more! Denarii Cash #zerofees
Jon
P.S. Added bonus! This is how big the remittance for Filipinos
