Sending piles of cash to Kenya and Nigeria just become a whole lot easier with London-based money transfer service SimbaPay, which does not charge fees, on Tuesday increasing its limit for single money transfers to US$45,000.
The company, which has Kenyan founders, said in a statement that it was raising the bar for digital transaction providers to Africa and “revolutionising the remittance space” by increasing the limit substantially from $3,000.
Africans living in Europe would now be able to complete larger purchases, such as property, vehicles, large hospital bills or university fees, in one single transaction via the app.
The money is credited instantly at the destination mobile money wallet, merchant or bank account and the transactions are free of charge. Transfers of more than $3,000 also automatically qualify for a discounted exchange rate.
SimbaPay’s head of operations Victor Karanja said: “A pain point for customers in the past has been having to undertake multiple transfers to complete a single purchase.”
“A key risk with multiple transfers was exchange rate fluctuation. Sending up to $45,000 with just our mobile app will protect senders from the fluctuation that arises when one splits up the transfer,” said Karanja.
“What further sets SimbaPay apart from other money transfer services is that the app can do more than just send money directly to mobile money services such as M-Pesa. SimbaPay can also send money to bank accounts in Africa and to pay bill merchants such as schools and utility companies,” said Karanja.
Earlier this year SimbaPay was one of the 10 start-ups that took part in the first Barclays Accelerator programme in Africa after being selected out of more than 450 entries.
The million dollar question for anyone other than Kenyans and Nigerians is when will SimbaPay be available in the rest of Africa?
– Africa News Agency