Tulix, is a Kenyan FinTech startup that’s reimagining remittances for the 36 million African migrants who send $86bn annually back to their home countries.
The Tulix app makes possible instant, direct payments to businesses in migrants’ home countries without ever needing to send cash to an individual. Another key feature we're launching soon is the ability to add users’ beneficiaries on Tulix to make payments using ‘allocations’ - ring-fenced funds for different spending needs without ever having to withdraw the cash. Both features are a first on the continent and a new twist to current systems.
Africa remains a place where the impact of remittances is only measurable by volume and empirical GDP contribution but this impact can’t be accurately mapped, tracked or harnessed. This is due to the fragmented nature of different financial systems which limit the senders’ ability to trade and transact with their home countries.
Currently, most payments to businesses in Africa from abroad go through banks and remittance service providers (RSP’s). Banks are costly and prone to delays for both senders and the recipient businesses whereas paying a business through a remittance service often requires the involvement of an individual beneficiary back home. This makes it inconvenient due to the time lags, lack of financial privacy, varying costs, reconciliation issues and when funds are cashed out by beneficiaries, they are prone to leakage/misuse. Tulix will change this.