Royal Electronics Inc.

   June 18, 2024
Competitive Position

Canafri Royal Electronics Inc. money transfer hope to address the problems associated within the existing market. We hope to bring the best rate within the community and hassle free pick-up of funds in all our locations. Some problems to be addressed are:

  • Speed: In an emergency, minutes may seem like days to a recipient who may be anxiously waiting for funds to arrive. Therefore, it is necessary that any method selected is able to deliver funds to a designated recipient as soon as possible
  • Convenience: It is important that the features of the new method are such that:
    • The sender or the recipient is not required to have a bank account in order to use the system
    • Sending and receiving agents are conveniently located to the sender and recipient, so that neither of them is inconvenienced by the time and distance it takes to reach an agent. Our system locates agents within identified communities where potential users of the system reside
    • Sender and recipient do not have to designate a specific receiving agent, so that once the initial contact is made between sender and receiver and the transactions begins, no further contact is required between them. The recipient is therefore able to receive his transfer from any agent location in the system
  • Reliability: Perception is reality in a service business. Therefore, it is important that all users of the service perceive the service as reliable and safe. Should a transfer become "lost", there must be a tracking mechanism to immediately retrieve the transaction or reimburse the sender
  • Simplicity: The Sender and recipient must not be intimidated by long, cumbersome procedures and forms
  • Transaction Fees: Fees charged to the sender, and the foreign exchange conversion rate used for the conversion of transferred funds to local currency ultimately affects the gross amount of transfers. Therefore reducing the cost of service charge and giving the best exchange rate our utmost priority



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