Money Transmitter License Kenya

Remittance-as-a-Service or RaaS is a term that was coined by Faisal Khan (our CEO & Co-founder) in 2013. The quest was to find a legal method to be able to offer white-label remittance services to startups and incumbents alike for the US market (which is fiercely guarded, complex, and expensive to operate in).

CLASSIFICATION

Service Offering. Subscription-Based.

DEFINITION

The following is the brief business definition of the service:

Remittance-as-a-Service is an all-encompassing solution that allows ISOs (Independent Sales Organizations) and Incumbent MTOs (Money Transfer Operators) alike to offer a managed services to their clients under a white-label offering where all aspects of the regulatory aspects, such as licenses and compliance are covered by the PLH (Principal License Holder) that is sponsoring you for the program.

Disclaimer: Not a legal definition.

WHO IS THIS FOR?

Startups who would like to start a money transfer (remittance) business, but do not have the necessary bandwidth (capital & time) to get licenses, and would like to be able to get a fully white-label solution, under their own brand name.

Also for incumbents in the same territory or from outside the United States, who would like access to the US money transmitter licensing market, but do not have the capital and time to invest in obtaining the additional money transmitter licenses in all the other states.

PROGRAM DETAILS

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RESTRICTIONS

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GEOGRAPHIC REGION

Available only in the United States for those who would be classified as an MSB (Money Services Business) and would be required by the state regulator to obtain MTLs (Money Transmitter Licenses) in order to conduct business in the state.

PREREQUISITES

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YOUTUBE/PODCAST

  • if we have a youtube link for it – then we can paste it here.

PRICING CODE

See:  2014, 5200, 6700 on this page.

SEE ALSO

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This page was last updated on December 14, 2021.