SureRemit: A Blockchain-Based Global Non-Cash Remittance Platform

What is SureRemit

Friends, imagine you are living abroad and want to send a token of care to your family far away—maybe buying them daily necessities, topping up their phone, or paying utility bills. Traditional remittance methods can be expensive, slow, and once your family receives cash, the money may not be used as you intended. SureRemit (RMT for short) is like a “global courier for digital gift cards and bill payments”.

It is a non-cash remittance service platform based on blockchain technology. Simply put, you don’t send cash, but directly use the SureRemit app to send shopping vouchers, mobile top-ups, or pay utility bills for your family. This way, your care is directly converted into goods or services your family needs, and the whole process is faster, cheaper, and more transparent.

SureRemit is part of SureGroup, which owns SureGifts, the largest gift platform in Africa. By eliminating the “cash link” and middlemen in traditional remittances, it makes remittance more direct and efficient. Your family only needs a mobile phone or an email address to receive this “digital care.”

Project Vision and Value Proposition

SureRemit’s vision is to bring financial freedom to the world, enabling people—regardless of location, skin color, language, or faith—to enjoy convenient financial services.

The core problem it aims to solve is the “three highs and one slow” of traditional remittance: high fees, hidden costs, and long transfer times. In addition, traditional remittance may force recipients to travel long distances and queue to collect money.

SureRemit’s value proposition is to provide a “more economical, more worry-free, and more precise” solution:

• More economical: SureRemit’s service fees are lower than traditional remittance.
• More worry-free: Ensures the full amount you send reaches the recipient, with no hidden fees. Recipients don’t need to go out and queue; they can receive it via mobile phone.
• More precise: By sending shopping vouchers or paying bills directly, you ensure your value is used as you intend.

Compared to similar projects, SureRemit’s difference lies in its focus on “non-cash remittance”, directly connecting remitters with merchants providing goods or services, rather than simply transferring currency. It leverages its parent company SureGifts’ extensive merchant network in Africa, providing a solid foundation for project implementation and promotion.

Technical Features

SureRemit is built on the Stellar network.

• Blockchain: Stellar is a blockchain platform designed specifically for fast, low-cost cross-border transactions, especially suitable for financial services. You can think of it as a “highway” dedicated to quickly and cheaply transporting various “digital goods.”
• Consensus Mechanism: SureRemit’s token RMT is “pre-mined.” Pre-mined means the total supply of tokens was created at project launch, rather than being gradually produced through “mining” like Bitcoin. The Stellar network itself uses the Stellar Consensus Protocol (SCP), a method for all network participants to agree on transaction validity and ledger state—like everyone following a set of traffic rules to ensure accurate information transfer.
• Technical Architecture: The project claims its organizational structure is decentralized. Decentralized means there is no single central authority controlling the system; instead, it is maintained and managed by multiple network participants, improving censorship resistance and security.
• Stellar’s Advantages: Choosing the Stellar network provides SureRemit with a secure, low-fee transaction platform and access to existing liquidity (XLM, Stellar’s native token) and assets on the Stellar network. This means RMT tokens can be easily transferred in wallets and exchanges that support Stellar.

Tokenomics

SureRemit’s token is called RemitToken, abbreviated as RMT.

• Token Symbol/Issuing Chain: RMT, issued on the Stellar network.
• Total Supply and Circulation: At the 2018 initial coin offering (ICO), RMT’s total supply was 1,000,000,000. Currently, the total supply is about 744 million to 747 million, with circulating supply around 500 million to 747 million (exact numbers may vary by source).
• Inflation/Burning: RMT has a deflationary mechanism. All transaction fees collected via the SureRemit/SureGifts platform are converted to RMT and then burned. Token burning means permanently removing tokens from circulation, like throwing money into a safe that can never be opened, reducing total supply and potentially increasing scarcity. Thus, RMT’s total supply will continue to decrease.
• Token Utility: RMT plays multiple roles in the SureRemit ecosystem:
  • Paying transaction fees on the SureRemit/SureGifts platform.
  • Purchasing digital shopping vouchers.
  • Paying utility bills and mobile top-ups.
  • RMT holders can receive exclusive offers and discounts.
  • Users can send, receive, and store RMT in the SureRemit app.
• Token Allocation and Unlocking: In the 2018 ICO, SureRemit raised $10 million, with 500 million RMT allocated to investors. The ICO exchange rate was $1 for 50 RMT.

Team, Governance, and Funding

• Core Members: SureRemit’s core team includes Adeoye Ojo (Sales Operations), Olaoluwa Samuel-Biyi (Remittance Business), Babafemi Lawal (Technical Operations), as well as Zeeshan Mallick (Chief Marketing Officer), Rayane Hocine (Chief Digital Officer), and Michael Adeyeri (Software Engineer).
• Team Features: The team are the creators of SureGifts, which has operated in Nigeria and Kenya since 2014 and is the fourth largest non-cash remittance service provider in Africa. Team members have extensive experience in remittance and technology. The team is distributed across Lagos, London, and Amsterdam.
• Governance Mechanism: The whitepaper and related materials mention the organizational structure is “decentralized,” but do not detail specific on-chain governance or community voting models.
• Treasury and Funding: SureRemit successfully raised $10 million in its 2018 ICO. There is no up-to-date public information on the detailed operation and use of project funds.

Roadmap

According to SureRemit’s whitepaper (v1.21), its early roadmap was as follows:

• Q1 2018: Token sale, launch of SureRemit Android app, SureRemit API, and SureRemit web app.
• Q2 2018: Launch of SureRemit iOS app, SureRemit merchant plugin, and SureRemit merchant app.
• Q3 2018: Implementation of bill payment and mobile top-up features.
• Q4 2018: Addition of donation and micro-lending features.
• Q1 2019: Planning for savings and investment features.

Note that this roadmap is from the project’s early (2018-2019) planning. As blockchain projects develop rapidly, no latest, detailed future plans or key milestones were found in public sources. The actual progress and current status of the project require further official updates or community information.

Common Risk Warnings

Investing in any blockchain project carries risks, and SureRemit is no exception. Here are some common risk reminders:

• Technical and Security Risks:
  • Blockchain Technology Risks: Although the Stellar network is relatively mature, any blockchain system may face smart contract vulnerabilities, network attacks, or risks from protocol upgrades.
  • Application Layer Risks: The SureRemit app itself may have technical flaws or security vulnerabilities affecting user funds and data security.
  • Development Activity: If the project team’s activity decreases, updates may slow, making it hard to respond to market changes and security threats in time.
• Economic Risks:
  • Market Volatility: The cryptocurrency market is highly volatile. RMT’s price may be affected by various factors, including market sentiment, macroeconomic conditions, and regulatory policies, with the possibility of sharp declines.
  • Liquidity Risk: Some information shows RMT’s trading volume is low and it is listed on only a few exchanges. Insufficient liquidity may make it hard to buy or sell tokens quickly, affecting asset realization.
  • Competition Risk: The remittance market is highly competitive. SureRemit needs continuous innovation to stay competitive.
  • Token Utility and Adoption: RMT’s value is closely tied to SureRemit platform adoption and usage. If user growth falls short of expectations, token demand may be affected.
• Compliance and Operational Risks:
  • Regulatory Uncertainty: Global cryptocurrency regulations are still evolving. Future policy changes may affect SureRemit’s operations and the legality of RMT.
  • Operational Challenges: As a global non-cash remittance provider, SureRemit must deal with legal, regulatory, cultural, and partner management challenges in different countries and regions.
  • Partner Dependence: SureRemit’s model relies on partnerships with merchants. If these relationships encounter issues, service availability may be affected.

Please remember, the above information does not constitute any investment advice. Be sure to conduct thorough personal research and risk assessment before making any investment decisions.

Verification Checklist

• Block Explorer Contract Address:
  • Stellar Explorer (RMT): https://stellar.expert/explorer/public/asset/RMT-GDEGOXPCHXWFYY234D2YZSPEJ24BX42ESJNVHY5H7TWWQSYRN5ZKZE3N
• GitHub Activity:
  • Public information shows the GitHub link is unavailable, which may mean the project codebase is not public or activity is low.
• Official Website:
  • https://sureremit.co/
• Whitepaper:
  • SureRemit-WhitePaper-v.1.21.pdf: https://token.sureremit.co/SureRemit-WhitePaper-v.1.21.pdf
• Social Media:
  • Twitter: @sureremit
  • Facebook: sureremit
  • Reddit: r/sureremit
  • Medium: @sureremit

Project Summary

SureRemit (RMT) is a blockchain project aiming to revolutionize the global remittance market by leveraging the Stellar network to provide a unique non-cash remittance solution. Its core idea is to enable people overseas to directly purchase shopping vouchers, top up phones, or pay bills for family and friends back home, thus avoiding the high costs, slow speed, and lack of transparency of traditional remittance. The RMT token serves as the payment and incentive tool within the ecosystem and features a deflationary mechanism by burning transaction fees to reduce total supply.

The project is initiated by a team with successful SureGifts operational experience and has a certain foundation in the African market. However, as a project launched in 2018, its latest developments, technical updates, and community activity require investors and researchers to investigate further. The cryptocurrency market is full of uncertainties, and any project comes with multiple risks—technical, market, economic, and regulatory.

Please note, the above is an objective introduction and analysis of the SureRemit project and does not constitute any form of investment advice. Be sure to conduct comprehensive due diligence and risk assessment before making any decisions. For more details, please research on your own.