Fintech company Centbee announced today that it has successfully completed testing of its remittance service, Minit Money, within the framework of the South African Intergovernmental Fintech Working Group’s Regulatory Sandbox.
The Intergovernmental Fintech Working Group (IFWG) is a collective of South Africa’s financial sector regulators including National Treasury, the Financial Intelligence Centre, the Financial Sector Conduct Authority, the National Credit Regulator, the South African Reserve Bank, the South African Revenue Service and the Competition Commission.
Centbee’s low-cost remittance service, Minit Money, was selected to the IFWG’s first cohort to test the regulatory treatment of crypto assets for low-value cross-border remittances between South Africa and Ghana. Minit Money has since expanded operations to include money sending from South Africa to Nigeria, Senegal, Benin, Ivory Coast and Uganda and plans to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months.
Centbee’s consumer remittance app, Minit Money, enables foreigners living in South Africa to send money home across Africa to bank accounts or mobile money wallets at a competitively low cost. Transactions are quick and easy to do on an innovative mobile app, and money reaches the receiver’s bank account or wallet in minutes.
“We’re proud to have graduated from the IFWG’s inaugural regulatory sandbox and are aggressively scaling-up our winning remittance solution. We expect to see incredible growth in the remittance app market in the coming years and are confident in our ability to bring fast, low-cost transactions to everyone.” said Centbee co-founder, Angus Brown.
Since launching in 2016, Centbee has focused on finding ways to make bitcoin useful and necessary for consumers and businesses, rather than being just a speculative asset. Their innovative app is based on the Bitcoin SV (BSV) blockchain due to its ability to process transactions in seconds for less than a cent.