# Minit Money
### Project Overview
* **Product:** Minit Money easy-to-use remittance app
* **Company Name:** Minit Money
* **Industry:** Fintech / Cross-border Payments / Remittances
* **Website URL:**
* **Geographic Reach:** Southern, West, and East Africa; Switzerland
* **BSV Integration Start Date:** Circa 2016 (parent company Centbee), Minit Money launched later
### Business Challenge
**Inefficiencies or Risks:**
* High remittance fees from traditional providers
* Delays and lack of transparency in money transfers
* Limited access to financial infrastructure for underserved communities
**Why Traditional Systems Were Insufficient:**
* Reliance on intermediaries increases costs and time
* Legacy banking systems lack inclusivity and flexibility
* Regulatory barriers and manual processes limit innovation and speed
### Why BSV Blockchain?
**What Made BSV Ideal:**
* Unbounded scalability and ultra-low transaction fees
* Stable protocol and efficient infrastructure for seamless micropayments
* Enables real-time, cross-border digital cash transactions
**Comparison to Other Blockchains:**
* BSV chosen for its superior efficiency, speed, and alignment with Bitcoin’s original vision—real-world utility and scalability
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### Solution Architecture
**BSV-Based System Overview:**
* Minit Money operates as a mobile app powered by BSV for secure, low-cost remittances
* Users can top-up wallets in retail stores, ATMs, or via bank transfers and send funds internationally
**Key Components:**
* Tokenization: Exploring use of BSV-based stablecoins to enhance end-to-end digital experience
* Partner Ecosystem: Integrations with Centi (Switzerland) for on-ramps and Centbee (South Africa) for wallets/off-ramps
**Role of Partners/Vendors:**
* Centi: Provides Swiss-based on-ramp for customers
* Centbee: Core technology provider enabling wallet services, cash top-ups, and API integrations
### Implementation Process
**Phases of Rollout:**
* Initial development through Centbee’s wallet platform
* Launch of standalone Minit Money app
* Expansion to new African corridors and Swiss markets
**Integration with Legacy Systems:**
* Worked around legacy infrastructure using BSV to bypass traditional banking bottlenecks
**Stakeholder Onboarding:**
* Customers onboarded via easy wallet top-up methods and in-app guides
* Retail and bank partners enabled for cash deposits and withdrawals
### Outcomes & Business Impact
**Quantifiable Improvements:**
* Over 40,000 remittances processed by mid-2023
* Millions of dollars in small transactions delivered via mobile money, bank accounts, and cash pickups
* Significant reduction in remittance costs—up to 85% in some corridors (e.g., Switzerland to Africa)
**Before vs After:**
* Traditional fees \~10–15% → Minit Money fees reduced to \~1–2%
* Transfer times reduced from days to near real-time
**Stakeholder Feedback:**
* Customers appreciate fast, affordable, and transparent transactions
* Regulatory sandbox acceptance (e.g., South Africa’s IFWG) validates the approach
### Challenges & Mitigations
**Challenges Encountered:**
* Volatility of the broader crypto market
* Regulatory hurdles in emerging markets
* Adoption lag on the recipient side for digital currencies
**Mitigation via BSV:**
* Shielded users from crypto volatility by using BSV only for backend transfers
* Worked with regulators via sandbox programs to ensure compliance
* Exploring stablecoins to encourage greater digital usage by recipients
### Future Vision
**Expansion Plans:**
* Broader rollout in Africa and Europe
* Additional payment corridors to be launched in key diaspora markets
**New BSV Functionalities:**
* Stablecoin integration for local currency stability
* Continued focus on micropayments and instant settlement capabilities
### Testimonial Highlights
"We’re helping customers send money back home quickly and at low cost. With BSV, we’ve seen adoption grow and the potential is just beginning."
— Lorien Gamaroff, Co-founder, Minit Money / Centbee
“We’re confident that we can offer customers a very affordable experience by using blockchain technology to go around the traditional banking systems.”
