While continuing his university studies at Seoul National University in Korea, Adolphe Niyigena would have difficulty transferring money to relatives or obtaining maintenance.
He says it would often take more than 24 hours to receive transfers. He realized that he was not the only one up for the challenge, with many people having difficulty with money transfer services, especially on weekends.
“For example, if I had to send money for an emergency, for example a person is sick and has to take them to the hospital. It was also very expensive to transfer money, so I found out how bad the problem was, ” he told Doing Business.
This is what inspired him to implement the idea he nurtured since he was a university student to set up a fast, secure and affordable money transfer service accessible to all. Rwandans and in the world he called ‘TM Money Transfer’.
Adolphe Niyigena, 28, CEO and founder of TM Money Transfer. Photo: courtesy.
Niyigena (28) is currently CEO and Founder of TM Money Transfer. A digital money transfer platform that is currently involved in offering fast and affordable money transfer services in several countries across the world.
Originally from Rwanda, the TM Money Transfer was officially launched on November 1, 2019. It is currently operating in more than eight countries, including all member countries of the East African Community, Zambia and Malawi as well. than South Korea.
Asked about their specialty, he said their platform also works with all financial institutions in East Africa. Adding that they offer money delivery services to people who cannot go to these financial institutions to get their money back by delivering money wherever they are.
“On our website there are a few simple steps to follow, it prompts the funds to be transferred to your account and transferred according to your destination country in five minutes. After that, the recipient will use their national ID card at all financial institutions and receive their money immediately, ” he explained how TM Money Transfer works.
“TM Money Transfer has been able to make good progress and we are working hard to go higher. We are striving to boost money transfer services with new, super-fast technology. So far, with TM Money Transfer, the transfer has only taken a minute to reach Rwanda from South Korea, ”he told Doing Business.
He also noted that they have started to receive positive feedback and are happy that their business is making a significant impact in the community.
How it started
When he reached Korea in 2014, the Rwandans living were just a few and not close. He says it was very difficult for him to find information regarding the money transfer service. After completing his university studies in electrical engineering in 2018, Niyigena went to an electrical company, but for the love and passion he has for business, he continued to look for ways to start his own business. .
“My dream was to help Rwandans living in Korea and beyond. I was very motivated by business ideas but after going through all these challenges. I oriented my business idea to solve this problem but above all to help the Rwandan community in Korea, ”
In 2019, he approached his two friends Uwamahoro Jeanette who is in charge of finance, and Adriel Niyodusaba who is the mastermind behind the technology they use to make their transfers, they started as a team of three.
“The traditional transfer involves rigorous processes and can only be done during Korean bank hours. Adolphe provided an alternative with which we can send money to our loved ones and they get it right away. I’m grateful to be part of his team, ” says Adriel Niyodusaba, now 24.
They started making money transfers only for the countries of the East African Community.
For Uwamahoro, 23, who does accounting at Adventist University in Central Africa, she is grateful that she qualified for this opportunity to work for TM Money Transfer.
Challenges and future projects
According to Niyodusaba, TM Money Trans has come to solve a serious problem that many Rwandans in Korea were facing regarding the rapid transfer of money from home to loved ones, but it was not without challenges.
“While Covid-19 has reduced human interactions and affected the incomes of many people, the overall effects on the business are difficult to quantify. People’s incomes have been negatively affected, resulting in reduced money transfer capacities. On the other hand, the less affected people now have more reasons to want to transfer money and help their loved one, so we saw this as an opportunity for us, ” he said. observed.
“I have a lot of great ideas for features and functionality to add to our business services, but because the business is still in its early stages, we need to operate within the limits of available resources,” he said. he adds.
However, Niyigena said that one of his plans is to make his money transfer service available to all countries around the world and all at a higher speed and at an affordable price.
They also aim to reach many countries by expanding into African markets and facilitating transfers from other countries, not just South Korea.