Ugandans in diaspora form remittance productising platform

Oct 14, 2016

It is the next stage of diaspora remittance solutions

Having lived and worked in the US for over a decade, Jackson Mugisa, like most Ugandans in the diaspora had a similar problem - sending money home but failing to get work done.

It is from the frustration that he derived the idea to form a platform, which enables Ugandans abroad to transact directly with sellers and manufacturers. A transaction they refer to as remittance productising.

"Our initial target market is Ugandans living in the Diaspora. We provide a one stop online or offline platform for purchase or payment for goods and services offered by our comprehensive and rapidly growing network of channel partners," Mugisa says.

The model entails the mechanisms to support the delivery of merchandise and manage both in-store and online inventories and shipments in a timeframe acceptable for all stakeholders in the supply chain.

"This is one of the numerous innovations that have been enabled by the influx of e-commerce and m-commerce (mobile) which has revolutionized the buyer-consumer landscape with shrewd manufacturers and distributors tapping into multiple channels to sell their products," Mugisa explains.

How it works

Logging into domeflake.com leads you the Domeflake marketplace. There, you will find a variety of items to choose from. They include electronics, home, kitchen and office supplies, building materials, food and beverages, clothing, shoes and toys, pharmaceuticals and cosmetics, automotive and tools.

 

From the above options, whichever item that is chosen gives more subcomponents with prices attached. There is a provision that enables you to choose whether you want the item(s) picked or delivered.

The remitter pays and is given a transaction ID which is sent to the intended receiver and will be required as proof for ownership as the products are being handed over.

The benefits

  • The cost of the monetary remittance to the sender is virtually eliminated, thereby increasing buying power.
  • Enables buyers to purchase authentic products directly from top tier sellers or manufacturers. The quality of the products is assured by warranties, guarantees and after sales service.
  • The sender maintains more control over the use of the remittance thereby minimizing the probability of waste and misuse of the money.
  • Quality and type of product is not compromised as the remitter has total control on product selection and purchase.
  • With transactions being electronic, there will be a speedy compilation of risk management related public facing information.
  • The platform provides retail pricing visibility thereby leading to ideal price stabilization.

Domeflake's future

The platform is on the path to become the leading international productizing network servicing the diaspora community while capitalizing on the growth of the diaspora demographic market increased remittances, the frustration with losses after a transaction and the real and perceived lack of control and visibility by the sender in the current remittance value chain.

 

At some point, it will be more cost-effective to increase online logistics operations rather than open more traditional stores, especially when the delivery channels are streamlined and efficiently set up.

Mugisa reveals that Domeflake is in the process of setting up an internally controlled logistics network to supplement our outsourced express shippers.

"We carefully monitor trends and buying patterns in the market and adjust as needed," he concludes.

(adsbygoogle = window.adsbygoogle || []).push({});