What is Remit Now Pay Later?

Remit Now Pay Later is a service designed to revolutionise how migrant workers send money back home. It allows users to send funds instantly, even if they don't have the full amount available upfront. By offering instant credit alongside instant remittances, the service ensures that money can be sent when it's most needed, notably in a fully Sharia-compliant manner. With the core objective being to support both remittance senders and receivers, particularly those with limited access to traditional credit options, Remit Now Pay Later empowers migrant workers to provide timely financial support to their families.

Why do customers need it?

Remit Now Pay Later is a lifeline for both remittance senders and receivers, helping them navigate economic challenges and achieve greater financial stability. This provides unmatched flexibility, with the ability to send now and pay later instantly helping cover unexpected expenses, emergencies or managing day-to-day needs, especially when timing is critical.

Furthermore, providing an instant credit option gives customers greater financial autonomy over their remittances and empowers receivers to take control of their financial decisions, significantly aiding financial wellness. Rather than being at the mercy of external factors, i.e. high inflation, Jazari provides a reliable and consistent solution for migrants who want to ensure their families are taken care of, regardless of their current financial situation.

How will it help them? 

Remit Now, Pay Later is a service designed to empower migrant workers financially by allowing them to remit up to 40% more each month in a fully Sharia-compliant manner. Once the initial amount is repaid, customers can continue to borrow, splitting payments into 3, 6, or 9-month instalments. This flexible repayment option means users can remit more without the pressure of immediate full payment, thereby increasing remittance capacity. By leveraging Remit Now Pay Later, receivers can experience a significant boost in household income, with the ability to remit more funds translating into better financial support. This, in turn, enhances receivers' overall financial wellness. 

Furthermore, Remit Now Pay Later via Jazari's remittance marketplace streamlines the remittance process by integrating remittances and lending into a single network. From day one, customers who remit and receive funds within the Jazari ecosystem will enjoy free remittances, simultaneously simplifying the process for users and accelerating transaction speeds. This sets the stage for long-term cost reductions, as increased household adoption of Jazari will further reduce transaction friction, making remittances even faster and more cost-effective. 

What scenarios and prevailing economic conditions necessitate Remit Now Pay Later?

Remit Now Pay Later is designed to address specific scenarios and economic conditions where traditional remittance methods may fall short. During periods of economic instability, job losses and reduced income, increased living costs can strain budgets, with both migrant workers and their families back home potentially facing significant financial challenges. Remit Now Pay Later provides a safety net in these times to facilitate immediate remittance needs, helping families manage cash flow more effectively.

High inflation in remittance-receiving countries erodes the purchasing power of local currencies, causing the cost of goods and services to skyrocket. This financial strain disproportionately affects families reliant on remittances, with price rises putting pressure on senders to provide more funds more quickly. Remit Now Pay Later becomes crucial in this context, allowing senders to meet their urgent financial needs immediately, even if they lack the necessary funds upfront. The same applies in emergency scenarios where traditional remittance methods might be too slow or inaccessible due to a lack of available funds. Remit Now Pay Later ensures that critical needs are met without delay.

Migrant workers often face irregular income streams due to seasonal work or part-time jobs. For gig economy workers, it may be challenging to send regular remittances. Remit Now Pay Later can help these workers manage cash flow by allowing them to send money abroad without immediate payment, allowing migrants to continue supporting their families during low-income periods by borrowing funds that can be repaid when income stabilises.

In any case, Remit Now Pay Later acts as a crucial tool, empowering migrant workers, regardless of the prevailing economic conditions, providing both the flexibility and security needed to navigate financial challenges.

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Team Jazari