Overview Of: The Rapid Growth of Remx and The Expansion into Other African Countries
There are several thriving payment processors but RemX seems to have a distinguishing factor that takes it to the helm. RemX Capital Ltd is a multi-currency Treasury Management organization that is the first of its kind. The primary goal of RemX is to help African businesses to deal with cross-border currency challenges. As a business-to-business (B2B) service provider, RemX has helped a lot of businesses in Africa to have smooth payment systems. However they solely work with businesses rather than individuals.
In carrying out its legitimate services, RemX frequently moves significant amounts of money lawfully across the African continent and worldwide, and recently there have been online reports that RemX is involved in money laundering. RemX has tried to isolate a few transfers without giving supporting proof of money laundering.
A critical analysis of this allegation will show that money laundering does not occur simply because RemX transfers big sums of money; rather, it reflects a lack of knowledge of the business strategy which has caused the misinformation across the internet. The board of directors of RemX have been willing to give clarification to the journalists, but neither of these outlets sought them for comment.
There was no evidence of money laundering. Rather, these firms focused only on treasury management and currency hedging for business clients in several African nations. All money collected by RemX comes from electronic payment processing and settlement of corporate customer monies, which are legitimate enterprises in Kenya, Nigeria, and throughout the world, contrary to what some reports postulate.
While the publications went to great lengths to prove shared ownership, which is public information, they did not go to the same lengths to provide any proof of money laundering.
It’s important to stress that, prior to these stories, publications, and claims, RemX was unaware of an Interpol investigation and had not been approached or interviewed.
RemX’s only objective as a firm is to make cross-jurisdictional transactions. Kenya and Nigeria remain important markets for RemX, and we are optimistic about the future of the RemX business model, not only in these countries but throughout Africa and the world.