Client
Zamzam Exchange

ZamZam Exchange

Company Type
Start Up

Industry
Money Transfer

Location/Corridor/Type
UK to Bangladesh, Send

Business Problem
Did not have a proper IT system to run a money transfer operation; everything was done manually using spreadsheets. Could not handle high transaction volumes due to IT and compliance restrictions.

Solution
Money Transfer Management Solution, Hosted (SaaS)

Results
Rapidly expanded from 0 to 15 agents in 4 months, increasing monthly transactions from 900 to 2,200. Increased monthly turnover from GBP 430K to GBP 1.2 million.

RemitONE System Helps a Small MTO Witness Rapid Growth

Within 4 months of using RemitONE's money transfer system, ZamZam Exchange expanded from 0 to 15 agents, increased monthly transactions from 900 to 2,200, and increased monthly turnover from GBP 430,000 to GBP 1.2 million.

Background

ZamZam Exchange is a travel agency based in a small shop on a very busy high street in Newham, East London. Money transfer was a natural extension to the business.

Before they started to use RemitONE, all transactions were manual and cash only. Records were kept on an Excel spreadsheet and email was the main method of communication with the banks.

When problems occurred, ZamZam had to go through the records manually. This also meant many phone calls and emails to the banks until the problem was solved. They dealt only with local customers who could physically visit the shop. Consequently, they handled fewer than 40 transactions per day.

ZamZam signed up to RemitONE in December 2007. By March 2008 they had grown the business from a small operation run by one to three people, to 15 agents. They now handle around 100 transactions per day and turnover has increased by 200%.

ZamZam Exchange witnessed this remarkable expansion without having any technical knowledge of computer systems themselves. Within 4 months of using RemitONE’s money transfer system, ZamZam Exchange expanded from 0 to 15 agents, increased monthly transactions from 900 to 2,200, and increased monthly turnover from GBP 430,000 to GBP 1.2 million.

With RemitONE’s support team in place, ZamZam do not need an IT office or a server on their premises. All their data is held on RemitONE’s secure servers which are monitored 24 hours a day, seven days a week.

 

We know very little about computer systems but RemitONE is so easy to use we were fully operational within days.  Support from the RemitONE team is excellent so we don't need any technical knowledge to run the system.

Gulzar Ahmed, Operations Manager ZamZam Exchange