UK-based Nigerian entrepreneur unveils FinREMIT app, targets £200,000 to 200 SMEs in Q1 2024
By Matthew Denis
In a bid to enhance employment opportunities and create jobs for Small and Medium Enterprises (SMEs), a United Kingdom based Nigerian Enterprenuer, Mr. Temitope Emmanuel Amujo has concluded plans to launch a FinTecH app called ‘finREMIT’ in December 1, 2023
Speaking to journalists via zoom meeting yesterday, Mr. Amujo who is the founder and Chief Executive Officer of finREMIT said the app is targeted at remitting a whopping sum of £200,000 pounds into the Economy through the creation of about 200 SMEs between Nigerians abroad and those at home within the period of the first quarter of 2024.
According to him finREMIT is making arrangement with the Deposit Money Banks (DMBs) popularly known as commercial Banks and the Microfinance Banks (MFBs) for a seamless transactions to build trust of Nigerians in diaspora to channel their funds confidently without being doubtful in their Investments back home.
He said, “I stand before you today not just as the Founder and CEO of FinREMIT but as a devoted advocate for transformative change within our nation’s financial landscape. It is an honour to unveil a groundbreaking FinTech innovation that promises to reshape our understanding of remittances and financial empowerment.”
While leveraging on the highest population as black Nation he said, “Approximately 17 million Nigerians live abroad, making us one of the largest African communities overseas. Annually, our diaspora contributes over $25 billion in remittances, a lifeline for both families and the national economy.
“However, the truth remains that our migration (known as ‘Japa’) is not an issue; it’s a testament to our potential. The real sin lies in not harnessing the immense power of these billion-dollar remittances to uplift our nation.
“On December 1st, we will make history as we launch the UK-Nigeria bilateral version of our FinREMIT FinTech web and mobile App, with the following unique value proposition (UVPs).
“Our next step is to officially launch the FinREMIT web and mobile App on the 1st December2023. We will commence our first level of Foreign Direct Investment inflow into Nigeria directly to SMEs, NGOs and social enterprises that have been empowered to be investment-Ready.
“Our target is to Remit-2-Invest a minimum of £200,000 pounds to a minimum of 200 small businesses by first quarter of 2024 and ensure each businesses employ 2 new staff, and are registered to pay the statutory P.A.Y.E tax to the Nigerian government. This is an approach to create a minimum of 400 new jobs every 2 months and increase income tax of the Government.”
The Nigerian-born serial entrepreneur, stressed that FinREMIT is a transformative web and mobile application representing innovation and progress in its truest form.
According to him, the app transcends the confines of a mere financial application; it embodies a movement, a force designed to empower every individual in the African diaspora.
He said, “It offers comprehensive personal finance, education and investment guidance. Yet, our mission extends far beyond individual empowerment.
“FinREMIT acts as a bridge connecting us to our roots, enabling the flow of remittances to bolster Small and Medium-sized Enterprises (SMEs), NGOs, and social enterprises, entities traditionally sidelined in conventional financial markets.”
The Financial Expert while speaking on the distinctive feature of the app, explained that on Personal & Corporate Finance Education FinREMIT offers a seamless platform guiding individuals and businesses toward prudent financial decisions, cultivating effortless savings habits and building investment portfolio with ease.
“We would do this for Nigerians in diaspora, Nigerians at home and Nigerian own business.Tailored Investment Guidance as Our application provides personalized investment advice, ensuring users make informed choices aligned with their financial aspirations.”
Mr. Amujo said that the app will assist in facilitating Foreign Direct Investment (FDI) by channeling remittances to empower SMEs, NGOs, and social enterprises, fostering economic growth and social impact.
“We empower African businesses to attract foreign direct investment, propelling them to contribute significantly to our nation’s economy.”
He noted that their shared vision transcends geographical boundaries in striving to illustrate how FinREMIT serves as a catalyst for sustainable global growth, enhancing the lives of Nigerians in the diaspora, through savings and investment, fostering a vibrant connection with our homeland to promote sustainable growth through Nigerians in diaspora.
He said, “Through this transformative initiative we aim to transform migration (Japa) into a force for constructive change and shaping a prosperous future for us all.”
In terms of collaboration he emphasised that his team will partner with the commercial Banks in ensuring that investors (Nigerians in Diaspora) money are channels in a safe and secured system for the execution of their projects in the country with a high level of transparency.
He said, “When you ask 10 Nigerians in Diaspora, would you like to come back to Nigeria if Nigeria is like your present place of destination? Their response is capital YES. Just like India was able to achieve drastic transformation through migration and migrant’s remittances, we at FinREMIT are extendIng a heartfelt invitation to all media houses, Nigerian Government, corporate entities and Nigerians in diaspora to join hands with us in this transformative journey.
“Together, we can enlighten the public about FinREMIT’s revolutionary impact, shedding light on how it redefines remittances and drives financial inclusion. Collaboration is our cornerstone, amplifying our reach to every corner of our nation and beyond.”
The CEO reiterated that by mid of 2024 they hope to start mobilising significant FDI from Nigerians in diaspora for capital infrastructure projects.
“Our long term vision is to mobilise an average of $50 million annually as remittances-driven Foreign Direct Investment out of the $25 billion remittance stock.
He noted that the app is pioneering Financial Empowerment for Nigerians Abroad in bridging the Gap with business opportunities in the local sector.
