When he was pursuing his university studies at Seoul National University in Korea, Adolphe Niyigena would have difficulties in transferring money to his loved ones or for him to receive upkeep.
He says it would often take over 24 hours to receive transfers. He realized he was not the only one facing the challenge with many people having difficulties in money transfer services especially on weekends.
"For example, if I had to send money for an emergency purpose, for instance a person is sick and they need to get him or her to the hospital. It was also very costly to transfer money, I then found how serious the problem was,’’ he told Doing Business.
That’s what inspired him to implement the idea he has harbored ever since he was a university school student to set up a fast, secure and affordable money transfer service accessible to all Rwandans and worldwide he dubbed’ TM Money Transfer’.
The 28-year-old Adolphe Niyigena, the Chief Executive Officer and founder of TM Money Transfer. Photo: Courtesy.
Niyigena (28-year-old) is currently the 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.
Originating in Rwanda, TM money transfer was launched officially on November 1, 2019. It is currently working in over eight countries including all East African Community member countries plus Zambia and Malawi as well as South Korea.
Asked about their specialty, he stated that their platform also works with all financial institutions in East Africa. Adding that they offer money delivery services to people who are not able to go to those financial institutions to get their money by delivering money wherever one is.
"On our website there are a few simple steps to follow, this prompts funds to be moved to your account and be transferred according to your destination country in five minutes. After that, the receiver will use his/ her national identity card to any financial institutions and receive his money right away,’’ 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 strive to boost money transfer services with a new technology that is super-fast. For now with TM Money Transfer, the transfer took only one minute to reach Rwanda from South Korea,” he told Doing Business.
He also noted that they have started receiving positive feedback and that they are glad their business is making a meaningful impact in the community.
How it started
When he reached Korea in 2014, Rwandans who lived were just a few and not close. He says it was very hard for him to find any information regarding the money transfer service. After finalizing his university electrical engineering studies in 2018, Niyigena went to an electrical company, but for the love and passion he has for doing business he kept looking for ways he can start his own business.
"My dream was to help Rwandans who live in Korea and beyond. I was very driven by business ideas but after going through all these challenges. I directed my business idea to solve this problem but especially 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 brain behind the technology they are using to make their transfers, they started as a team of three.
"Traditional transfer involves rigorous processes and can only be done during the Korean banking hours. Adolphe provided an alternative with which we can send money to our beloved ones and they receive it right away. I am grateful I am a part of his team,’’ says 24-year-old now, Adriel Niyodusaba.
They started doing money transfers for only East African Community Countries.
For Uwamahoro 23-year-old, who is doing Accounting at the Adventist University of Central Africa, she is thankful for having met the requirements for this opportunity to work for TM Money Transfer.
Challenges and future plans
According to Niyodusaba, TM Money Trans came to address a serious pain point that many Rwandans in Korea used to face with regard to transferring money back home to their beloved ones quickly, but it hasn’t been without challenges.
"As Covid-19 reduced human interactions and affected many people’s incomes, the overall effects on the business are hard to quantify. People’s income was negatively affected which leads to a reduction of transfer money abilities. On the other hand, those less affected now have more reasons to want to transfer money and help their beloved one, so we considered this as an opportunity for us,’’ he observed.
"I have many great ideas of features and functionalities to add to our company services, but because the company is still in its early stages we have to operate within available resources,’’ he added.
However, Niyigena stated that among the plans they have is to make their money transfer service available to all countries across the world and all at a higher speed and at an affordable charge.
They also aim to reach many countries by expanding to African markets as well as easing transfers from other countries, not only South Korea.