PayInc is a technology-focused international remittance business structured to deliver straight-through and affordable payment solutions from the UK, the EEA zone, Canada and the US to Ghana.
The company is a start-up Money Transfer Operator (MTO) whose operations have received a significant boost with the Remittance Grant Facility support. Within a short period after receipt of the grant, the company has been able to receive reauthorization as an Authorized Payment Institution in the United Kingdom and European Union. The company has also set up merchant account and e-transaction processing capabilities amongst other ongoing activities.
With RGF support, the company along with its partners sought to deliver the Distributable Remittance for Savings and Investment (DRSI) which is a multifaceted Remittance Based Financial Product aimed at serving both Remitters and Beneficiaries and therefore connecting both ends of the Remittance value chain.
PayInc’s DRSI would be very instrumental in connecting the unbanked/underbanked directly to investments and savings products that they may otherwise not have access to.
The grant support was USD 225,000 while PayInc provided matching funds of USD 285,000 towards the implementation of the project.
The project sought to contribute towards meeting the following RGF objectives:
1.Greater use of formal sector remittances
2.Faster remittances through improved first and last mile access
3.Lowering the cost of remittances and
4.Expanding existing remittance products (mobile wallet and bank savings)
The company has successfully completed its program.