Question 1

What does 'remittance' means ?

Accepted Answer

Remittance refers to the act of sending money or transferring funds from one location, typically a foreign country, to another, usually the sender's home country or a designated recipient. Remittances are commonly made by individuals who have migrated to another country for work or other purposes and send a portion of their earnings back to their families or loved ones in their home country. Remittance payments can be sent through various channels, including banks, money transfer operators, online platforms, or mobile payment services. These funds play a crucial role in supporting the recipient's financial well-being, providing financial stability, covering daily expenses, supporting education, healthcare, and contributing to overall economic development in the receiving country.

Question 2

Who are the unbanked in the world.

Accepted Answer

The unbanked in Africa refer to individuals or households who do not have access to basic financial services, particularly formal banking services. They lack bank accounts, credit cards, and other traditional financial products. The unbanked population is predominantly found in rural areas, low-income communities, and marginalized groups such as women, youth, and refugees. These individuals often rely on informal financial services, cash transactions, and community-based savings systems to meet their financial needs. Lack of access to formal financial services can limit their economic opportunities, hinder financial inclusion, and make it challenging to save, invest, or access credit.

Nymo is dedicated to addressing the issue of financial inclusion in Africa through its innovative solutions and mobile banking platform. We strive to provide access to formal financial services for the unbanked population, including those in rural areas and marginalized communities. By leveraging our platform, individuals who were previously excluded from traditional banking can now enjoy the benefits of financial inclusion, empowering them to save, invest, and participate in the formal economy.

Question 3

How does the platform works ?

Accepted Answer

For example, a Diaspora wants to send money to his brother in Nigeria.

1. Canadian diaspora purchases NYMO stablecoins using alternative payment methods.
2. NYMO transfers stablecoins to recipient's digital wallet in Nigeria.
3. Recipient uses stablecoins for healthcare, social security, education, and government services.
4. Recipient's service provider receives stablecoins as payment.
5. Service provider exchanges stablecoins for local currency via NYMO's platform and partner bank.
6. Local currency disbursed to service provider, recipient's stablecoins burned.

Question 4

What the difference of Nymo remittance towards others ?

Accepted Answer

Nymo maximizes remittance value by utilizing its own stablecoin on the blockchain. Our award-winning biometric verification process ensures compliance with eKYC and AML procedures.

Question 5

Are Nymo's  biometric's verifications GDPR compliant?

Accepted Answer

Yes, Nymo is GDPR compliant due to its adherence to the General Data Protection Regulation (GDPR) guidelines established by the European Union. We prioritize user privacy and security by implementing robust measures to protect personal data. Our biometric verification processes comply with the GDPR's requirements for lawful and secure handling of biometric information. By aligning with GDPR regulations, Nymo ensures that user data is collected, stored, and processed in a transparent and secure manner, respecting individuals' rights to privacy and data protection.

Question 6

Does Nymo sell, trade or buy other crypto ?

Accepted Answer

Nymo does not engage in selling, trading, or buying crypto. As a platform, Nymo does not function as a Decentralized Exchange and does not hold collateral or any other financial assets.

Nymo is not linked to any existing cryptocurrencies like Bitcoin or any other stablecoin. Nymo operates solely within its own ecosystem and is independent of other digital currencies. We do not offer, buy, or sell these coins or any other altcoins..

Question 7

Why a stablecoin and where can i buy it ?

Accepted Answer

We use the term "Stablecoin" as it is pegged 1 to 1 to a fiat currency, but the 'hash' will be burned the moment it is converted to the local currency. You cannot buy as such on a DEX, it is part of the ecosystem of Nymo

Question 8

How does Nymo handles Open Banking in Africa ?

Accepted Answer

Nymo is actively contributing to the growth of open banking in Africa by developing APIs. These APIs enable secure third-party access to financial data while ensuring compliance with data privacy regulations. With Nymo's involvement, the region can address its payment challenges more effectively through open banking practices.

Question 9

I have a question but can not find it in this Q&A

Accepted Answer

Please send us a message through https//www.nymo.io/contact (https://www.nymo.io/contact)
or an email to info@nymo.io