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Mukuru Money Transfer is an international remittance platform founded by a Zimbabwean entrepreneur Rob Burrell. [1] It begins offering remittances in 2009. [2] [3] It partnered with the World Food Programme at the Tongogara Refugee Camp in Zimbabwe to deliver aid and support the local community.
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Money transfer generally refers to one of the following cashless modes of payment or payment systems: Electronic funds transfer, an umbrella term mostly used for bank card-based payments; Giro (banking), also known as direct deposit; Money order, transfer by postal cheque, money gram or others
RTGS systems are usually operated by a country's central bank as it is seen as critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets.
The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies.
BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of Saint-Petersburg State University of Russia. DCMS operates, transparently, without any central owner or hub. Participants manage their own nodes, allegedly making the system resistant to external abuse, control or interference.
An informal value transfer system is an alternative and unofficial remittance and banking system, that pre-dates current day modern banking systems. The systems were established as a means of settling accounts within villages and between villages. It existed as far back as over 4000 years ago and even more. [1] [2]
Mukuru is a collection of slums in the city of Nairobi. It is approximately 7 kilometres (4.3 mi) south of the central business district of Nairobi. It is one of the largest slums in Nairobi.