Group items tagged

This is not the first cross border transfer initiative by SimbaPay. The London-based company supports more cost-effective and efficient transfer of funds across Africa and Asia (11 countries – 9 African, 2 Asian). These are Nigeria, Kenya, Uganda, Tanzania, Rwanda, Burundi, Ghana, Madagascar, Niger, India and now China.

SimbaPay developed a third-party payment aggregator that enables funds delivery between Kenyan merchants and their largest source of imports, China. Through SimbaPay’s international money transfer service, merchants and individuals in Kenya would be able to send money to China’s WeChat Pay users from Family Bank’s PesaPap mobile banking application. This can be achieved through M-Pesa and a USSD service

The chatbot will also enable 24/7 instant customer service for its customers across Africa and Europe. Daniel Howard, CTO for SimbaPay, says: “Another major objective we achieved with the chatbot service is that it also works without internet. This means customers with a mobile phone, even a basic phone without internet access, can access the SimbaPay chatbot using SMS.” Together with Interswitch, SimbaPay says its B2B division offers its instant remittance technology to banks and telcos who want to provide their customers with the service. To send money with an SMS users need the recipient’s phone number and the chatbot will automatically obtain the recipient bank account or mobile money details.

Family Bank Limited, a leading bank in Kenya, has partnered with London-based financial technology firm SimbaPay to launch an instant money transfer service from Kenya to China through WeChat – a service that will help boost Kenya-China trade. Over seven million customers and businesses in Kenya will now access SimbaPay’s international money transfer service to send money to China’s WeChat Pay from Family Bank’s PesaPap mobile banking application and USSD service. Non-customers too will enjoy the service via a dedicated PayBill number 261059 on MPESA.

In addition to the China (WeChat) service, SimbaPay also supports money transfer to Kenya, Uganda, Tanzania, Rwanda, Burundi, Ghana, Nigeria, Madagascar, Niger and India. 

China is Kenya’s biggest trading partner. In 2017 alone, businesses in Kenya imported well over USD 4 billion worth of goods from China. The current existing solutions for sending money to China take multiple days to reach the recipient’s bank account, with some requiring the supplier to physically visit an agent to collect their money. This new service easily overcomes these barriers.

SimbaPay (http://www.SimbaPay.com) is revolutionizing the remittance space through its official announcement of raising the single transaction limit to a whopping $45,000. This is substantially higher than the previous transaction limit of $3,000. According to Victor Karanja, Head of Operations at SimbaPay, sending money home and buying property across Africa has just become a whole lot easier. “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.

Digital money transfer provider, SimbaPay has announced that it now supports Safaricom’s M-Pesa PayBill payment service in Kenya. This development broadens the reach of the M-Pesa Paybill service which was previously limited to Safaricom subscribers within Kenya. Now, Kenyans living abroad will be able to make payments in Kenya on the M-Pesa Paybill service via the SimbaPay App.

According to SimbaPay, China is Kenya's largest trading partner with businesses in Kenya importing more than $4 billion worth of goods from China last year alone. As it stands, sending money to China from Kenya takes several days, in some cases requiring a person to physically visit an agent to access their money. The new service overcomes those barriers. The companies also said it will result in traders in Kenya being able to replenish stock faster, which in turn will bolster trade between the two nations.

SimbaPay is a UK-based digital money transfer service serving Kenya, Uganda, Nigeria, and Ghana that delivers money via existing mobile money wallet services and using its SimbaPay app. Simbapay and Kenya’s Family Bank recently launched an instant payment service from East Africa to China. Users can send funds to China through Family Bank’s PesaPap app or Safaricom’s M-Pesa.

Founded in 2009, Paga offers digital bank services (peer-to-peer money transfer, bill payments, online payments, and payroll), achieving a wide reach in Nigeria.

Financial intermediation and financial inclusion in sub-Saharan Africa remain low, despite progress in recent years. Helped by reforms, the depth and coverage of financial systems in sub-Saharan Africa—as measured by the standard indicators of financial development, such as the ratios of private sector credit to GDP and broad money to GDP—have significantly improved over the period 1995 to 2013 (Kasekende 2010). However, on average, countries in sub-Saharan Africa continue to have a shallower financial system than those in other developing regions of the world (Figure 1). In terms of financial inclusion, only 20 percent of the population has a bank account compared to 92 percent in advanced economies and 38 percent in nonadvanced economies (Table 1). Underinvestment, poor infrastructure, and comparatively low levels of financial literacy have contributed to the region being underbanked.

SimbaPay is an award winning mobile app transforming the international remittance space. With a focus on extreme speed, convenience and constant innovation.

This is simply the low cost, simple and secure way to send money worldwide online. What you can do with SimbaPay Bank Deposit: Transfer money directly to your receiver’s bank account. Mobile Wallet: Send money directly to a mobile money account.

“Businesses, as well as Kenyans and expatriates with friends and family abroad, send over US$18 billion to other African countries, Asia and Europe annually with several billion Kenya Shillings going through the Simbapay network. Therefore, this service will offer Prime Bank’s customers a world-class fully digital international money transfer service,” added Karanja.

Prime Bank’s Director for Business Development, Vijay Kantaria, said the tier 2 lender has embarked on investment in technology through partnering with various FinTechs to accelerate its digital integration plan.

The service will allow customers to send money to bank accounts and mobile wallets in 15 countries, including Uganda, the United Kingdom, India, China and Germany. SimbaPay previously set up a similar service for transfers to Asia with Kenya’s Family Bank in 2018. Africa has been among the most prominent regions for fintech development as users, banks and technology companies have bypassed traditional banking to embrace mobile banking and payment services.

SimbaPay head of operations Victor Karanja said in a statement: “Businesses as well as Kenyans and expatriates with friends and family abroad send over USD 18 billion to other African countries, Asia and Europe annually with several billion Kenya Shillings going through the SimbaPay network.”

Through SimbaPay, Prime Bank customers will now be able to instantly and securely send money directly to bank accounts or mobile wallets across 15 countries in Africa, Europe, and Asia including India, United Kingdom, China (WeChat Pay), Germany, Uganda among others.

Commenting on the partnership, SimbaPay’s Head of Operations Victor Karanja noted that the service will provide a seamless platform for Prime Bank’s customer base to send money abroad at the click of a button.

The partnership between Family Bank Limited and London-based financial technology firm SimbaPay will enable the 23,946,174 active M-Pesa users in Kenya to send money to over 1 billion active WeChat subscribers in China.

SimbaPay (UK, focussed on Kenya, Uganda, Rwanda) – "Send money to family and friends bank accounts or mobile wallets in Africa (from abroad) in a convenient and cheap way. Customers can also use their bill settlement technology to pay merchants in Africa (such as universities, utilities). You can also open a bank account back home using the app".

The London-based FinTech SimbaPay and the Kenyan bank Family Bank teamed up to introduce an instant money transfer solution for customers sending funds to China via WeChat.

SimbaPay is a company that develops and provides a money transfer application. Its app enables people to send money abroad using mobile money or e-banking.

Kenyans living abroad. will now be able to use their bank accounts, debit or credit cards, to pay their bills back home using the SimbaPay app. The service is piloting in the UK, with further expansion into other EU regions in the works.

Simbapay is an Africa-focused money transfer startup that lets customers send money to friends and family around Africa in a fast, seamless, and cheap way.Platforms: Android and IOSCountries serving: All African countriesTransfer fees: Yes, but you can send up to £45,000 for free

As early as 2016, established banking and mobile phone companies were competing alongside specialist start-ups to become leaders in fintech, especially in Africa.In November last year, Nairobi-headquartered Prime Bank launched an international money transfer service in collaboration with London-headquartered SimbaPay, giving Prime Bank customers in Kenya access to mobile payments.