WealthTech25: AfriPie's Jide Akindele on How Credit Unions Can Maximize Opportunities in Remittance...

wealthtech25_afripie_audio.mp3
File Size:	12737 kb
File Type:	mp3

Download File

---

Jide Akindele, Founder/CEO, and CGO of Afripie Technology, stopped by the Studio Lounge to discuss how Afripie offers a payment gateway for easy online bill payments in Sub-Saharan Africa.

Specifically, Jide focused on remittance services for the diaspora community, discusses how credit unions can enhance their offerings with favorable interest rates and an API solution for international bill payments.

He talked about plans for a minimum viable product in central Massachusetts, along with future initiatives to improve payment processes.

Jide emphasized community engagement and collaboration to maximize opportunities in remittance.

Q&A summary...
What is the significance of the diaspora community in the context of remittance services?
The diaspora community consists of first and second-generation individuals who have moved from their home countries to the U.S. but still have financial responsibilities back home, often leading to frequent remittance transactions.
How does the remittance process work for individuals sending money to family members in their home country?
Instead of sending money directly to family members, the service allows users to pay bills directly, such as hospital fees, ensuring that funds are used for their intended purpose without intermediaries.
What advantages do credit unions offer to members of the diaspora community?
Credit unions typically provide better interest rates on loans and mortgages compared to traditional banks, making them an attractive option for diaspora members starting their banking relationships in the U.S.
What is the role of AfriPie technology in enhancing remittance services for credit unions?
AfriPie technology allows credit unions to integrate international bill payment services directly into their platforms, enabling members to manage payments for family members back home seamlessly.
How does the remittance industry impact the economy of home countries?
The remittance industry is a trillion-dollar market, with a significant portion of funds being used for essential services like utilities and healthcare, which can greatly impact the economies of home countries.
What future developments are planned for the remittance service being discussed?
The service aims to launch its MVP in central Massachusetts and expand its offerings based on findings from initial user interactions, potentially incorporating stablecoin technology for faster transactions.

​Check it out when you get a chance and let us know your thoughts. And be sure to watch more of our Studio Lounge episodes on our WealthTech Connect archive page, as well as check out our sponsor/host TAPP Engine.