In a bid to enhance employment opportunities and create jobs for Small and Medium Enterprises (SMEs), a United Kingdom-based Nigerian Entrepreneur, Mr. Temitope Emmanuel Amujo, has concluded plans to launch a FinTecH app called ‘finREMIT’ on December 1st, 2023.Speaking to Journalists via Zoom meeting, on Tuesday, Amujo who is the founder and Chief Executive Officer of finREMIT, said the app is targeted at remitting a whopping sum of £200,000 into the Nigerian economy through the creation of about 200 SMEs between Nigerians abroad and those at home within the first quarter of 2024.
According to him, finREMIT is arranging with the Deposit Money Banks (DMBs) popularly known as commercial Banks, and the Microfinance Banks (MFBs) for a seamless transaction to build the trust of Nigerians in the Diaspora to channel their funds confidently without being doubtful in their Investments back home. While leveraging on the highest population as a 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 of December 2023. 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 to a minimum of 200 small businesses by the first quarter of 2024 and ensure each business employs two new staff and is 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 two months and increase income tax of the government.”
The Nigerian-born entrepreneur also stressed that FinREMIT is a transformative web and mobile application representing innovation and progress in its truest form.”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,” he said.
