Minit Money is gearing up for growth! Read the update from our CEO, Angus Brown. 👇
I’m excited to share some news with you that we’ve been working on a while. Our business is embarking on an exciting new direction to gear up for growth. When Lorien Gamaroff and I met at AlphaCode in 2016 we quickly realised the combination of my banking, payments and regulatory knowledge and Lorien’s software development and cryptocurrency background could be the winning formula to solving payments using blockchain technology. After many late nights and brainstorming sessions, we came up with a vision that we hoped would revolutionise the payments landscape in Africa and beyond and we started Centbee. In 2019 we launched a ‘proof of concept’ project, Minit Money, to test the hypothesis that blockchain could increase the speed and significantly lower the cost of cross-border remittances. That proof of concept has evolved into a viable and fast-growing remittance business that has seen thousands of users sending millions of rands across the African continent. Over the past 7 years both brands have grown significantly in user numbers, transaction volumes and transaction values. We’ve always been vocal advocates for the regulation of the crypto industry and last year we applied to be regulated by the Financial Sector Conduct Authority as a crypto-asset service provider (CASP). Our business has grown to the point where it is now necessary to operate Centbee and Minit Money as two separate companies in order to gear up for the next phase of growth. Today I’m happy to share that I have been appointed CEO of Minit Money (Pty) Ltd which will focus on cross-border remittances across Africa and include both consumer-focused as well as enterprise remittance solutions. Lorien Gamaroff has been appointed CEO of Centbee Global (Pty) Ltd, the new legal entity that will operate the Centbee digital cash wallet and be focused on providing mobile money services to Gen Z consumers. Lorien and I would like to take this opportunity to thank everyone who has supported us on this journey - from our investors to our staff, customers and partners. As we transition from being a startup to a scale up, we look forward to continuing to bring innovative blockchain-based financial services products and solutions to the world.