Democratized Remittances: How FiatMatch Drives the UN’s Target on Remittance Fees

From the very outset, FiatMatch set a clear mission: to provide immigrants with a streamlined and affordable means to send money home to their families.

Aligned with UN SDG Goal 10, which seeks to reduce the average transaction cost of remittances to less than 3% by 2030, the founder and CEO, Tomisin Salam, drew inspiration from his own immigrant experience.

The objective? To offer a reliable, transparent, and cost-effective international money transfer service.

Sending money back home is a deeply personal and vital act for immigrants, supporting their families with necessities like food, education, and healthcare.

However, the reality is harsh, with the average transaction cost of remittances standing at a staggering 6.3% and sometimes soaring to 12%, according to the World Bank.

The impact on recipients, often surviving on just a few dollars per day, is profound.

Money that could significantly improve their livelihoods is lost to hidden charges, currency manipulation, and markup costs, despite promises of zero fees by many remittance platforms.

FiatMatch steps in to rectify this injustice.

With our P2P remittance marketplace, we eliminate traditional middlemen and cost drivers, ensuring a fair and transparent solution for international money transfers.

How do we achieve low-cost remittances?

How can remittances be democratized?

Here's how FiatMatch is making the democratization of remittances possible:

1. Remarkable Exchange Rates:

In the FiatMatch marketplace, immigrants can choose from transparent rates provided by other users, vendors, and daily default exchange rates.

No more limitations—set your rates and be matched with a community member meeting your conditions. FiatMatch leverages local currency merchants and the global diaspora community to help you negotiate better deals and save money.

2. Deep-rooted Transparency

FiatMatch is committed to end-to-end transparency, removing intermediaries, and avoiding currency manipulation. You can now carry out cost-effective transactions without the fear of hidden fees or FX intermediaries.

3. Processing Transactions Locally

By processing every transaction locally, FiatMatch slashes remittance costs to less than 1 percent.

The result? Immigrants save up to 85% on markups and FX spreads. With our buffers in place, community members, mostly immigrants, can pay even less than 1 percent of the money sent.

Wrap-up

FiatMatch isn't just about today; it's about propelling the future of remittances.

The founder and CEO of FiatMatch believes in the democratization of remittance payments.

To bring down the average cost of remittances worldwide, immigrants must have the power to negotiate or post their rates.

FiatMatch provides access to a transparent remittance platform void of markups, intermediaries, and currency manipulation.

Join FiatMatch now to ensure you get the best deals for your hard-earned money, making a significant impact on the lives of your loved ones back home.

Download the app and experience a revolution in international money transfers.