Why We're Here

Home / Why We're Here

RemittDAO

Is focused on international remittance payments from migrant workers to their families back home in the developing world. Specifically, to enable the exodus from antiquated Payment Service Providers (PSPs) to self custody digital remittance alternatives. This is crucial among the world’s unbanked/undocumented people groups, estimated at nearly 2.5 billion.
For migrant workers, sending remittance payments is the lifeline for their families survival. But this comes at a high cost. Not only are they separated from their loved ones, many migrants are tricked, coerced, or threatened into slave labor conditions, with no viable avenues for exit.
To make matters worse, families who are unbanked/undocumented are forced to resort to costly payment service providers (PSPs) who take a much higher percentage of fees & longer wait times than banks.
For migrant workers, this reoccurs every payday. Western Union is a popular PSP, but their competitors can be much worse. There are numerous predatory PSPs who target migrant workers because they’re uneducated or come from isolated villages. Scams and exploitation are rife.

Think about this:

The MORE wealthy you are, the LESS fees you pay to send money abroad.
The more IMPOVERISHED you are, the HIGHER fees you pay. Is that ironic? I guess not. It’s just another tax on being poor.
But to their families in developing countries, every dollar they keep is worth more than it is to their privileged counterparts. After all, in many developing nations, $1.00 is enough to feed someone for a day.
So we know theres a problem, but the digital tools needed to alleviate this are already here. We’re not trying to reinvent the wheel. The solution is simple. The only thing left to do is physical outreach. Our aim is to familiarize & establish educational support groups within local communities on the logistics of digital remittances. Familiarity won’t happen by itself.

# RemittDAO is an education DAO

Rather than creating yet another digital tool to facilitate transactions, RemittDAO’s mission is different. RemittDAO’s mission is to
  • Coordinate with local migrant support groups
  • Provide F2F learning sessions about digital remittance tools where migrants are concentrated
  • Promote Web3 culture among those in developing nations

Let’s teach kids in developing countries how to code, while their Mom works in Saudi
Arabia. The may be geographically isolated, but instead of continuing the cycle of poverty, they can be Web3 leaders of tomorrow. This is culture-building.

There’s no time like the present: The remittance industry is at all time highs; expected to hit $774 Billion a year in 2022. If we could help just 0.01% of those transactions, we would be saving millions of dollars for the poorest people in the world.
This is building wealth in the poorest of the poor.