How to Build a Leaner, Smarter Money Service Business in 2025

In an era of rapid regulatory change, rising customer expectations, and digital disruption, how can money service businesses (MSBs)—companies that facilitate the transfer, exchange, or payment of money—not only survive but thrive?

In our recent webinar, we gathered our top experts and unpacked the most pressing challenges facing MSBs today and shared proven strategies to help you scale, streamline compliance, and embrace innovation.

Here are the top takeaways.

1. Scale Smarter with our All-in-one Hub

A major pain point for MSBs is integrating with multiple systems and partners from send and payout providers to value-add services like ID verification platforms, open banking tools, and payment gateways.

RemitONE Hub™ solves this by offering two flexible options: connect via a single API or use our ready-made interface. Either way, you gain instant access to a global network of payment companies with the likes of Visa, Mastercard, Orange, MoneyGram, and many more.

With access to over 2.5 billion bank accounts and 3 billion wallets, the RemitONE Hub™ gives you the tools to scale without stress. You stay in control of your payouts, partner terms, and operations—all from one place.

We’ll help match you with the right partners based on your target corridors and budget to help meet your goals. What normally takes years, we help you achieve it in a few months.

2. Shortcut to Launch into New Corridors

Expanding to new corridors can feel like a maze of licences, banks, and paperwork. But it doesn’t have to be that way.

With our Remittance-as-a-Service (RaaS), you can plug into our network of licensed partners across the UK, EU—and soon, the US and Canada. That means you can go live faster, spend less upfront, and stay fully compliant—without going it alone

3. Stay Compliant with Compliance Manager™ (COM)

Compliance and fraud prevention remain top priorities for MSBs. Our Compliance Manager™ (COM) automates 80% of those repetitive manual checks, runs real-time KYC/AML screening across 350+ global sanctions lists, and helps you monitor risk scores, transaction patterns, and suspicious activity.

And it’s not just for MSBs. For central banks and regulators, COM offers live visibility into incoming and outgoing remittance flows—making it easier to track volumes accurately and close those reporting gaps.

In short? You stay compliant, catch fraud early, and get to focus on growing your business.

4. Reduce Costs and Settlement Delays with Open Banking

We know how frustrating slow settlements and high fees can be—especially when you’re trying to keep things efficient. That’s why we support open banking. You can tap into direct bank-to-bank payments, which means faster processing times, fewer card-related fees, and reduced friction that often comes with traditional payment methods. We’ve already rolled this out across the UK and Europe through our partners, and it’s making a real difference.

Even in countries without open banking, we provide alternative integrations with local processors.

5. Offer Multifunctional Wallets for the Future of Finance

Let’s be honest—digital wallets aren’t optional anymore. They’re a core part of how people move money today, and we’re making sure our clients are ready for that shift.

We support everything from peer-to-peer transfers, bill payments, airtime top-ups, prepaid cards, and wallet-to-wallet transactions. Whether your customers are paying for groceries, sending money to family, or topping up Netflix—we’ve got it covered.

We’ve also made sure our wallets connect to telcos, banks, and blockchain partners all with compliance built in from the get-go.

It’s all part of how we’re helping MSBs stay relevant, inclusive, and ready for whatever comes next.

6. Leverage a Flexible Platform Built for Growth

One recurring theme throughout the webinar: flexibility is key. Whether you’re a startup finding your footing, a licensed MTO looking to scale, a send or payout partner, a central bank, or a sub-account issuer like an e-money institution, your needs will keep evolving. That’s why we’ve built our platform to move with you. Our white-label solution adapts to your regulatory landscape, your operations, and your goals—without locking you into one way of working.

Because here’s the thing: if your platform isn’t flexible, you can’t adapt. And if you can’t adapt, you’ll get stuck—while your competitors sprint ahead.

Worse still, you’ll waste valuable time patching together workarounds instead of moving forward. We’ve seen it too many times, which is why we’ve made it our mission to keep things open, partner-friendly, and ready for what’s next.

Real growth happens when your platform moves with you—not against you.

Ready to Future-Proof Your Business?

The remittance and payments landscape is shifting fast, and the businesses that thrive are the ones that stay agile, compliant, and connected.

At RemitONE, we’re not just building software. We’re helping MSBs grow smarter, launch faster, and operate with confidence, no matter where you’re headed next.

If any of these challenges sound familiar, or if you’re curious about what’s possible with the right tech and support behind you, we’d love to talk.

Book a free consultation call with our expert consultant or drop us an email for any questions at: sales@remitone.com

Africa Remittances: Traversing the New Frontier | IPR Global 2023

This insightful session will explore the evolving landscape of remittances in Africa, with a key focus on the transformative impact of mobile money services and e-wallets. Our panel of experts will delve into topics like the role of innovative technologies, financial inclusion, regulatory challenges, and the potential to reduce costs and promote economic development through remittances.

Discover how these digital financial tools are reshaping financial ecosystems, empowering underserved communities, and fostering cross-border economic integration across the African continent.

Moderator

Priscilla D´Oliveira Friedman, COO, CrossTech

Panellists:

Temiloluwa Adesina, Senior Product Manager, Flutterwave
Ababacar Seck, Managing Director, Africa, RemitONE & IPR
George Boateng, Chief Operations Manager, Unity Link Financial Services Limited
Reynell Badoe, Head, Everyday Banking, Stanbic Bank Ghana LTD

What is the current landscape of remittances in Africa, and how has it evolved over the past decade?

Across the continent, every country heavily relies on inbound transactions, creating a diverse landscape characterised by various players, services, business models, and remittance types, including traditional, digital, and informal methods. Despite the challenges posed by the COVID-19 pandemic, the remittance market in Africa has proven to be remarkably dynamic and resilient, defying expectations of a decline in transactions. Comparing the present situation to the early 2000s, Ababacar highlighted the transformation from a market restricted by exclusive contracts favouring big players in international transactions to a more open and inclusive space that allows for domestic, regional, and international remittances. In the past, high prices were a significant barrier, but the advent of digital remittances has started to address this issue, although cash remains important due to cultural and behavioural factors.

The region’s people embrace digital tools but still value the human element. For example, using digital wallets for making in-person purchases keeping the face-to-face experience intact. It’s a reminder that, even in our tech-driven world, the human connection remains a crucial part of how Africans handle their finances.

There has been growth in various sectors, such as mobile money, payments, sending goods, and B2B remittances, indicating the expanding horizons of remittance services. Furthermore, the informal market, once overlooked, is now recognised as a major untapped opportunity in the evolving landscape of remittances in Africa.

George recalls how in the past there was a heavy reliance on fax for transactions, which could take up to a week, whilst the shift to bank deposits seemed promising for quicker transactions, the uptake was low due to financial exclusion. The prevalence of cash transactions in Africa posed challenges for cash pickup in banks, requiring identification. However, the digital revolution, with its elimination of such barriers, has unlocked the potential. The increasing role of Mobile Network Operators (MNOs), expanding rapidly across Africa, is a key driver of this growth, making the remittance landscape more accessible and promising for the future.

Reynell delves into the changing dynamics from a banking perspective. Historically, banks in Africa primarily focused on settlements, with the actual business of money transfers being led by Money Transfer Operators (MTOs) and Payment Service Providers (PSPs). Remittances, play a crucial role in contributing significantly to the GDP of African countries, with figures ranging from 5-6% in countries like Ghana and Nigeria, and up to 10% in other regions. This underscores the economic importance of remittances in the African context.

The regulatory environment in Africa presents a hurdle, slowing down the pace of innovation for banks. Unlike MTOs, many banks in Africa still operate in person, leading to higher operational costs. This insight showcases the need for adaptation and innovation within the banking sector to keep pace with the evolving remittance landscape in Africa. Despite these challenges, Reynells perspective highlights the immense significance of remittances for African economies and the imperative need for banks to navigate regulatory complexities to actively participate in the changing dynamics of the remittance market in the continent.

What should companies be thinking about when entering this market?

It’s crucial to have a well-thought-out strategy when venturing into the African remittance market. Licensing requirements, play a pivotal role in determining the speed of market entry. Partnerships are another key factor that can significantly accelerate the entry process, emphasising the collaborative nature of the industry.

You can easily tap into reliable partners to fast-track your entry into the market through RemitONE Connections to secure you with an instant business community that would take months and years to build yourselves within the Africa region. This also means you must have flexible technology with strong API integration capabilities to connect, RemitONE’s Money Transfer Platform is both modular and scalable. For more information get in touch with us at sales@remitone.com.

Temi suggests, a targeted strategy focused on specific regions is more effective rather than adopting a broad approach. For instance, in francophone regions of Africa where french is widely spoken as a second language, similar regulations and cultures prevail. By tailoring strategies to these specific regions with shared characteristics, one can enhance the effectiveness of market penetration.

George reassures that entering the market shouldn’t be daunting as specialists are available in every country to help guide you through the loops. However, a thorough understanding of the local customer dynamics, including their behaviour, attitudes, and cultural nuances is essential. He advocates for a more strategic approach that involves aligning with the demographic profiles of potential customers that resonate with the services your company offers. This perspective underscores the importance of cultural sensitivity, customer-centric strategies, and long-term relationship building as key considerations for companies seeking to successfully enter and navigate the African remittance market.

What innovative technologies and platforms are reshaping the way remittances are sent and received in Africa, and how are they increasing financial inclusion?

Mobile money has significantly altered the dynamics of remittance transactions with the help of the widespread ownership of mobile devices, coupled with increased telecommunications access, which has catalyzed a notable surge in remittances across the continent. Partnerships between remittance providers and telecommunications companies like Safaricom, have also played a pivotal role. This collaborative approach has proven instrumental in fostering innovation within the industry, creating a synergistic environment where different players work together to enhance services and accessibility.

Furthermore, the adoption of stablecoins, with the involvement of companies like Stellar and Ripple, is an emerging trend. These digital assets provide stability in value and are being utilised by companies to facilitate remittance transactions, offering an alternative to traditional currency-based transfers.

Interoperability, between mobile wallets, bank accounts, and cash through partnerships, is another critical aspect of the evolving remittance landscape in Africa. The seamless connectivity between various financial instruments and channels ensures a more inclusive and user-friendly experience for individuals sending and receiving remittances.

What challenges do African diaspora communities face when sending remittances, and how can these obstacles be addressed to improve the flow of funds?

High costs associated with remittances into Africa continue to persist, irrespective of the sending country, attributable to both financial and regulatory obstacles. Despite the advent of mobile money, Reynell believes certain African countries still heavily rely on physical locations such as banks or MTOs, posing difficulties for beneficiaries in accessing funds.

Additional challenges faced by the underbanked, particularly in rural areas and villages, where limited access to banks poses a significant barrier. Foreign exchange (FX) fluctuations were identified as another obstacle, leading to reduced amounts being received by the recipients. In addition, regulatory challenges also extend to the senders, particularly undocumented migrants who wish to send funds. The need for proof of address or source of funds presents a barrier, hindering their ability to send remittances until these documents are provided. To mitigate this challenge, George proposes that an alternative solution would involve embracing informal money transfer methods as well as the increasing interoperability between MNOs which will provide new opportunities for more efficient and cost-effective money transfers.

Ababacar further observes that while Africans can travel between countries with just their ID, the requirement for a passport when sending money presents a misunderstanding and inconsistency that act as barriers to entry for remittances from the diaspora. This discrepancy in identification processes poses a challenge, adding an unnecessary layer of complexity for individuals attempting to send funds.

He further points out the lack of interoperability across the continent. The absence of a unified system restricts some diaspora communities from utilising MNOs as a viable option for remittance transactions. This limitation not only hinders the accessibility of services but also contributes to the overall challenge of navigating the remittance landscape.

Also, within many MNOs, there isn’t an available option to transact money in different currencies. This lack of flexibility in currency options adds another layer of complication for the diaspora communities attempting to send funds across borders.

To tackle these challenges, improving identification processes by harmonising them with the adaptable regulations in Africa may help alleviate inconsistencies in requirements. Furthermore, fostering interoperability across the continent would amplify the accessibility of remittance services for diaspora communities. Urging MNOs to offer transaction options in various currencies would significantly ease the flow of funds, catering to the diverse needs of the African diaspora.

What innovations are emerging within the mobile money ecosystem that have the potential to further enhance the convenience and efficiency of remittance transactions?

Mobile money services have notably increased accessibility by introducing digital wallets accessible through mobile phones. These mobile wallets have evolved beyond simple remittance tools and can now function similarly to bank accounts, offering users the ability to engage in activities such as loans, savings, bill payments, and more through dedicated mobile apps.

The widespread adoption of mobile wallets has spurred further innovation, with the integration of technologies like artificial intelligence (AI) to assess credit scores. This, in turn, enables the provision of loans and overdrafts based on users’ spending patterns, showcasing a holistic approach to financial services within the mobile money ecosystem.

George highlighted the cultural integration of mobile wallets in African daily life, noting that some individuals receive their salaries exclusively through mobile wallets. This trend has led to mobile wallets becoming integral to people’s lives, so much so that even transport providers can be paid using mobile money. The efficiency and convenience offered by mobile wallets have positioned them as more than just a substitute for traditional banking; they have become the preferred choice for many. Euromonitor International found in the sub-Saharan African region, there were over 600 million registered mobile money accounts, facilitating transactions exceeding USD 600 billion in 2022, with it expected to grow even more in the coming years, especially with the help of central banks reducing barriers to entry.

Moreover, George speculated on the future trajectory, foreseeing a potential end to the dominance of cash in the coming years. However, he acknowledged that this transformation depends on continued investments in the economy and the infrastructure required for the digital revolution to take root.

Priscilla added to this narrative by drawing parallels with Brazil, where digital payments, exemplified by Pix payments, have also been gaining prominence. These digital payment methods contribute significantly to driving economic growth, simplifying transactions, and mirroring the trend observed in the African mobile money ecosystem.

What next?

At RemitONE, our commitment is to provide you with cutting-edge technology, compliance solutions, and expert guidance to navigate the ever-evolving landscape of remittances. Whether you’re just starting out or looking to scale your business, we’ve got you covered.

Want to see how RemitONE can elevate your business? Book a free consultation with our experts today!

Navigating the Payments and Remittance Landscape: Trends, Predictions, and Pioneering Progress

The remittance landscape is in the midst of a remarkable transformation. From customer-focused innovations like mobile wallets, streamlining the remittance process, to the incorporation of artificial intelligence (AI) for more efficient operations. As we navigate through this changing financial terrain, it’s crucial to understand the evolving customer needs, which are increasingly leaning towards digital solutions for convenience and efficiency.

This article will unlock valuable insights into the trends and strategies shaping the payments and remittance industries whilst uncovering the challenges and opportunities that lie ahead.

Moderator:

Leon Isaacs, CEO & Founder, DMA Global

Panellists:

Wayne Gould, Head of Financial Services, Trust Payments
Sukhi Srivatsan, Head of Account Management, AZA Finance
Olufemi Olaogun, Head of Payments and Financial Institutions, Leatherback
Richard Meredith, Head of Sales and Key Partners, Moneygram

What are key developments in the remittance landscape to look out for?

One key development which has emerged prominently in the remittance landscape is a growing emphasis on customer-oriented progress, as highlighted by Sukhi. This shift is evident through innovations like the invention of mobile wallets, designed to facilitate quick and hassle-free transactions for users. Mobile wallets have not only simplified the remittance process but have also enhanced the overall user experience, making it more convenient and accessible for a wider range of customers.

Another interesting and ongoing dynamic in the remittance sector revolves around the mobilisation and automation of payments to achieve greater efficiency. This involves the utilisation of cutting-edge technologies like AI to carry out repetitive tasks, thereby liberating valuable time for teams to concentrate on more critical and strategic areas. By leveraging AI in this manner, businesses in the payments and remittance space can significantly accelerate their progress and drive better results, all while ensuring that their operations remain swift and precise.

Multiple panel speakers also voiced blockchain and open banking to be game-changers. The integration of blockchain technology has simplified the movement of money, creating a more efficient and secure environment for processing transactions. Open banking, on the other hand, has enabled a more seamless and interconnected flow of funds. Together, these developments are propelling the industry toward a future where payments and remittances are not only faster and cost-effective but also imbued with a higher degree of transparency and security, ultimately benefiting merchants, financial institutions, and consumers alike.

What data or statistics highlight the future growth of the money transfer industry?

Customer expectations in the realm of remittances are undergoing notable shifts, as outlined by Richard. Despite economic downturns and recessions, the desire for people to respond to the financial needs of loved ones back home remains remarkably resilient. Notably, millennials are increasingly turning to digitalised methods for sending money, highlighting a growing preference for convenience and efficiency. A Moneygram survey revealed that over 80% of respondents expressed a willingness to send money back home, even in the face of economic challenges.

It’s important to note that these evolving expectations can vary significantly between geographical markets. For instance, in Mexico, more than 90% of individuals visit physical stores to collect their remittances, while in India, the approach leans more towards account-based methods. This geographical variance underscores the importance of tailoring strategies and pricing to meet the specific demands of each market.

In addition, as pointed out by Olufemi, customers now place a premium on the speed and cost-effectiveness of fund transfers. In essence, the evolving landscape of customer expectations in remittances is characterised by a growing demand for convenience, efficiency, and competitive rates, driving the industry to adapt and innovate to meet these changing needs.

What are some successful partnership case studies within the remittance or payments industry?

Leatherback forges partnerships to address a common challenge where customers may be uncomfortable conducting transfers with Money Service Businesses (MSBs) that lack a bank account. This collaboration ensures that businesses can continue their operations without the need for establishing local accounts in various countries, such as Nigeria, South Africa, or Ghana. This partnership-driven approach streamlines the process, eliminating potential bottlenecks and minimising expenses that would otherwise be associated with creating an internal team to handle these complexities.

Recognising the popularity of mobile wallets on the continent, Moneygram has built pivotal relationships with companies such as AZA Finance, Trust Payments, and strong partnerships in Ghana, including Z-pay. These collaborations have been crucial in expanding Moneygram’s reach and enhancing its ability to serve a broader receiving network. In India, where account-based money transfers are prevalent, this strategy has effectively reduced the digital side cost base, enabling Moneygram to diversify and enhance its product offerings in response to the ever-changing consumer demands.

Furthermore, Moneygram is actively exploring innovative solutions like blockchain technology, particularly with its partnership with Stellar. This initiative aims to facilitate the instant transfer of remittances to digital wallets, bridging the gap between traditional cash and cryptocurrencies. Notably, this approach holds the promise of reducing costs in the future, a significant advantage in the rapidly growing landscape of remittances. The success stories shared underscore the importance of adaptability and collaboration in navigating the remittance industry.

Can you share insights into business strategies that effectively utilise innovation whilst being cost-effective? Additionally, how do you approach security and fraud prevention strategies?

Some businesses may have deep-rooted traditional methods and personal client relationships, making the transition to online operations a significant paradigm shift. Wayne delves into how Trust Payments takes a consultative approach, employing dedicated teams that work closely with Money Transfer Operators (MTOs) to swiftly resolve issues, ensuring a strong connection to the business. They also focus on data-driven insights to provide a comprehensive view of their clientele, facilitating fraud prevention and ID verifications. He also shares how Trust Payments goes a step further by sharing data on popular fraud prevention parameters with their clients, allowing them to tailor their settings to their liking, therefore promoting an ecosystem of collaborative security and innovation.

Sukhi emphasises the critical role of compliance in safeguarding businesses and underscores the need to maintain security while pursuing innovation. She mentions the availability of consultancy services and tools that reduce manual intervention and human errors. These partnerships enable companies to cut costs and lower fraud rates, ultimately delivering more value to customers. Sukhi also highlights the importance of collaboration with regulators to navigate the legal framework and risks within the market, particularly in frontier markets. Recognising that many regulators in these regions cannot fully address the industry’s needs, she advocates for the industry’s engagement with governments and international bodies to bolster resources and foster a more secure and innovative environment.

What key steps or strategies are in place to improve financial inclusion?

Sukhi shed light on the steps taken to enhance financial inclusion, particularly in less developed markets. AZA Finance takes a comprehensive approach when entering new markets. They diligently study each partner’s tools and APIs, aiming to integrate with various financial providers, including banks, cash providers, and wallet services, based on the prevailing market preferences. What sets this approach apart is the recognition that in less developed markets, these APIs and tools are different from those found in more mature and open banking environments. In these frontier markets, the technical infrastructure may be less developed.

To bridge this gap and ensure financial inclusion, AZA Finance takes the initiative to engage with local staff and service providers. They establish a presence on the ground, engage in regulatory compliance, and establish connections with these providers to grasp how payments can be made into the preferred receiving methods of local consumers. By doing so, they consolidate these solutions and make them accessible to their business partners. This approach alleviates the need for each business to navigate the complexities of each market individually, ultimately contributing to the broader goal of financial inclusion. In essence, AZA Finance’s strategy exemplifies the importance of adaptability and personalised engagement in expanding financial access to underserved populations.

Richard also shared his ideas, where one strategy entails integrating the ability to manage all financial transactions within digital wallets. This means individuals can use their wallets not only for sending and receiving money but also for tasks such as paying bills and buying groceries. By interweaving money transfers into the fabric of these everyday financial activities, financial inclusion can be significantly enhanced.

One case study is of Safaricom in Africa, which initiated a journey towards financial inclusion by offering various financial services through its mobile platform. This successful model has since been adopted by various countries, not only in Africa but also in South America and Asia, contributing to broader financial accessibility.

While substantial progress has been made, there are still challenges in some regions due to varying levels of technology adoption and industry-player cooperation. In some cases, governments are actively engaging in discussions around fintech to boost financial inclusion. An intriguing example shared by Richard was the Turkish post office’s response to recent earthquakes. They swiftly set up booths in the affected areas to provide financial services, illustrating how financial inclusion can take different forms depending on each country’s unique circumstances and needs. The pursuit of financial inclusion remains a dynamic and evolving journey, tailored to diverse contexts and constantly adapting to better serve communities worldwide.

What opportunities are there for new players entering the remittances or payments market?

Adaptability is key for survival and success. Technology providers and fintech-based payment providers play a pivotal role in facilitating businesses of all sizes. These entities can assist not only in embracing the latest technologies but also in deploying effective marketing strategies to propel growth.

Partnerships are another avenue for newcomers to explore. Wayne highlights how Trust Payments, for instance, collaborates with various providers, including compliance, regulatory, and remittance as a service platform. These partnerships bring expertise to the table, allowing merchants to establish themselves more swiftly and efficiently than they might expect.

The success of new entrants in this competitive industry depends on having the right team and partners to expedite growth and expansion.

What next?

Want to see how RemitONE can elevate your business? book a free consultation with our experts today!