PAYINC GROUP LIMITED

PayAngel is a financial technology company that provides cross-border payment and remittance services for the African diaspora. Founded in 2013 by Jones Amegbor, the company was initially launched as PingMoney before rebranding to PayAngel in 2016. The founder's personal frustrations with the high costs, inefficiencies, and lack of services tailored to the needs of African remitters inspired the creation of the platform. Amegbor, a Chartered Certified Accountant with an MBA in Information Technology and experience at Barclays, Lloyds Banking Group, and The Co-operative Banking Group, combined his finance and IT background to build the company.

The company's business model is centered on providing a digital, multi-channel platform that allows users in countries like the UK, Canada, and Australia to send money to over 30 countries in Africa, including Ghana, Nigeria, Kenya, and South Africa. PayAngel aims to reduce the high costs of remittances to Africa, which it estimates causes the continent to lose nearly $2 billion annually. The platform generates revenue by offering competitive exchange rates, while transfers are often free of charge. Clients are primarily immigrants who need to send money to their home countries for family support, bill payments, and other expenses. The service facilitates payments via mobile money, bank deposits, and cash pickups.

PayAngel's key services include a direct-to-merchant remittance solution (D2MR) that allows users to pay bills and merchants directly, eliminating intermediaries. A unique feature is 'RemitCare,' which provides a free life insurance policy for the beneficiaries of remittances sent to Ghana. The platform is built with a focus on security, leveraging Microsoft's Zero Trust Model to protect user data and transactions. The company has been supported by several organizations, including Microsoft for Startups, the UN Capital Development Fund (UNCDF), and accelerator programs like Techstars New York City, powered by J.P. Morgan. PayAngel has sister companies in Canada, Ireland, the US, and Ghana and has achieved a Compound Annual Growth Rate of 146 percent over the last four years.

Keywords: cross-border payments, remittance to Africa, financial technology, mobile money transfer, African diaspora finance, bill payments Africa, Jones Amegbor, international money transfer, RemitCare, direct-to-merchant remittance, fintech, digital payments, PAYINC GROUP, remittance-based insurance, payment solutions, money transfer app, financial inclusion, Africa payments, UK to Africa transfer, Canada to Africa transfer