Bullion is a solution for global remittances, powered by stable-coins. Although we are launching first in Africa, the product is globally scalable and the overarching strategy is to facilitate cross-border monetary transfers worldwide.
The cost of sending money across international borders continues to be high at around 6.4 percent on average in the first quarter of 2021. Sending remittances to Sub-Saharan Africa is particularly high (8 percent), according to World Bank studies.
At an average of 6.4%, this means that the transaction fees being paid amount to over $1.2 Billion in Nigeria and $6 Billion in Africa.
Clearly, there exists a massive opportunity here to make it possible for people to remit funds without incurring such high fees, and there’s a large pool of users who would have an immediate, pressing and continuous need to minimize those fees to ensure their recipients receive as much as possible from the sums they send.
Project brief: Design a user-friendly with a reliable and scalable framework.
Design timeline: ~3 week
Team: **Fabusuyi Oluwatobi (Designer), Ajuwon Ayodeji (Product Manager), and Akande George (Frontend designer)
To send money across borders, people typically use one of the following options :
All of the options above are either slow (IMTOs), offer bad exchange rates (Traditional Fintechs), convoluted to use (Crypto exchanges) or all three combined (Banks).
Migrants and their communities in their home countries.
The African diaspora in Europe and the US comprises of over 20 Million people, and that number continues to grow at a pace of ~1 Million per year. Every one of those people is still connected to their communities via their families and friends, and many send funds for a variety of reasons. The remittances are often a necessity for the folks back home and are thus regular and ongoing for long periods of time — decades in most cases.