MoGate: Mobile phone technology for money transfer

Secure International Money Transfer using only mobile numbers. No bank account needed to cash money
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Mike Fola
Email Verified
Technology
Atlanta, Georgia
United States
3 Team Members

Now INSTANT has to be MOBILE. Family is always important. Technology has brought family and friends together over the years. Millions transfer money back home to support their families. Some transfers take days while others require a bank account for the recipient. 56%  (2.5 billion out of 4.7 billion) of the world adult population DO NOT have bank accounts whereas more than 90% own and use a mobile phone.  Then, we thought it was time to deliver money across continents just as SMS is delivered. Swift and instant.

Now, INSTANT has to be INDEPENDENT also. Even when people receive money, they have to visit the bank or a financial service agent in order to get cash, having to DEPEND on banks/agents operating hours and terms. Thus, our technology is being built to eliminate this, bringing about INDEPENDENCE.

WE PRESENT THE FIRST TECHNOLOGY THAT ELIMINATES A MIDDLE-MAN BETWEEN THE SENDERS AND THEIR RECIPIENTS FOR INTERNATIONAL TRANSFERS!

We are passionate about this mobile-based technology, hence we began development of our platform using personal funds. We, like our friends and millions of others who support families abroad cannot wait to financially include families and friends who do not wish to engage in the rigors of banking and its paperwork. 

We need your help via contributions to fully develop this technology and make it available to users around the world. With your help, families and friends can save transfer costs, have access to savings over exchange rates, avoid the bureaucratic process of banks, instantly cater to emergencies and be financially included.


WHY WE NEED YOUR HELP

We need a total  of $292,000 to fully complete our platform, pay legal and professional fees, pay for State licenses and Federal registrations, lease office, hire staff and pay for advertisement and marketing in order to kick off the initial phase of operations. We also made provision for the maximum Indiegogo 9% fee.

The initial phase of operations includes providing services from three USA States to one 'pilot' country in Asia and another in Africa.


What You Get!

We are very glad that you have taken your time to consider contributing to our campaign.

Our new idea has given us the opportunity to meet with various people from different cultures and they are very excited to share things they value with us and with YOU!

We have a lot of beautiful cultural fashion and home accessories you would love. Thus, you can also contribute to us by picking any of your desired perks when you click the "CONTRIBUTE NOW" button.


WHAT IF OUR ENTIRE GOAL IS NOT REACHED?
We certainly look forward to reaching our campaign goal but if we do not, we would have been empowered to cater to some parts of the project right away. We have placed priority on our platform development which we already started financing with our personal funds.
Not meeting our set goal amount will not stop the project from progressing, but it will surely delay the time we would be able to roll out the services. With time, we will still be able to make the technology and its services available to all who need it.
To our contributors, we will remain grateful and keep you informed of our progress while also delivering every perk picked.


PROJECT TIMELINE


The Impact of our Technology

Majority of the time, people transfer money to families and friends because there is an immediate need to cater to domestic bills and survival. Hence, the sender who is also making sacrifices to release a part of what he/she earns would be greatly encouraged with lower transfer fees and exchange rates while receiving money instantly for their urgent needs is most favorable to the recipients. Both parties would be very happy to maximize the amount transferred rather than lose it to institutions.

One of the most important parts of our technology is the 'Time To Deliver'. A recipient can receive money when banks have closed and be able to make use of it for their needs which may be very critical. IT'S LIKE HANDING CASH OVER TO SOME ONE NEXT TO YOU!


Risks & Challenges

Certainly, every innovation faces some level of risk. Some of the high-level risks we face are financial fraud activities, money laundering and stiff competition from existing money transfer giants. In mitigating against financial fraud, our platform will not be accepting credit cards, thus customers will only either purchase our branded 'one-time loadable' cards using any value of their choice (not a predefined prepaid value) or load their account using a debit card to ensure that transaction is performed by the owner, in addition to phone and address verification. Our technology is focused on maximizing the amount received by the recipient, eliminating banking rigors and ensuring they have access to the funds at anytime of the day/night, hence we have transfer limits per transaction, per day, per month and per year and we do not allow huge fund transfers.  After all, family support is not meant to involve huge transfers.
Existing competitors will try to stop us from taking their market share, but because our technology requires less manpower for transfer processes, we will always have less overhead, thus keeping transfer costs lower than market rate for users. For them, they have to consider the manpower involved in the chain hence having to keep the rates high enough to pay up.


Other Ways You Can Help

We understand that you may be willing to support us but probably unable to do so financially. We appreciate you. You can also contribute to our course by clicking on Our Facebook page, like us and share our page with your friends.


Find This Campaign On
$83USD
raised in 2 months
0% funded
No time left
$292,000 USD goal
Flexible Funding This campaign has ended and will receive all funds raised.
Campaign Closed
This campaign ended on September 26, 2014
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