CUSTOM CHALLENGE; ETHIOPIA
PROVEN INTERVENTION TO BE DISTRIBUTED
An online and mobile platform that provides a fast, reliable, low-cost, and convenient way to send money to loved ones from the United States to Ethiopia.
Learn more about the Custom Challenge and why we only fund ideas that focus on distributing proven poverty interventions.
DISTRIBUTION MODEL INNOVATION
Due to a lack of competition and a weak knowledge of the market, MoneyGram and Western Union - two major money transfer companies which charge high fees - have continued to dominate the remittance landscape in much of Africa. The only other option for customers looking to send money to Ethiopia is to use illegal hawala operators.
Pay2Africa's vision is to become the leading online and mobile platform application used by the Ethiopian diaspora to send money from the US to Ethiopia. The website will allow senders to wire funds directly to a recipient's bank account or for cash pickup at one of over 750 partner bank branch locations spread throughout Ethiopia. Pay2Africa is both a website and a mobile platform application that integrates the latest encryption technology with a secure remittance software platform that addresses all Anti-Money Laundering Act and Bank Secrecy Act laws and regulations. The end result is a user-friendly platform designed for the target demographic, the Ethiopian diaspora.
PILOT AND SCALING GOALS
- Send $300,000 in transfers by 2015
- Save customers $10,000 in fees by the end of year 2
Zacharias Teshome - Founder and President