Minit Money, the remittance app by Centbee, a South African crypto startup, has successfully been tested in the regulatory sandbox by South Africa’s Intergovernmental Fintech Working Group (IFWG).
In a press release shared with BitKE, CentBee said the successful test completion was done ‘within the framework of the IFWG Regulatory Sandbox’ and will now move to ‘aggressively scaling-up the winning remittance solution.’
Minit Money is CentBee’s consumer remittance app that enables foreigners living in South Africa to send money home across Africa to bank accounts or mobile money wallets as a competitively low cost.
Speaking about this milestone, CentBee’s Co-Founder, Angus Brown, said:
“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.”
– Co-Founder, CentBee
According to Centbee, Minit Money is a low-value and low-cost remittance service initially selected to the IFWG’s Regulatory Sandbox first cohort to test the the regulatory treatment of crypto assets for cross-border remitttances between South Africa and Ghana.
The remittance service is now looking to expand across Africa and allow people to use the service to send money from South Africa to the following locations across the continent:
It is also planning to start operating in:
CentBee is part of a growing number of services across the continent introducing solutions to let people use bitcoin for everyday use rather than just as a speculative asset.
The app is based on the Bitcoin SV blockchain which facilitates transactions in seconds and for less than a cent.
The sector is growing and CentBee co-founder, Angus Brown, expects ‘incredible growth in the remittance app market in the coming years.’