Through the platform, customers can easily check the status of their policies, approvals, and lodge insurance claims from online platform.

NAIROBI, Kenya, Jul 9- GreenTec Capital, a German investment boutique focused on African start-ups, has entered into an investment agreement with Bismart, a Kenyan start-up insurance aggregator leveraging on digital platforms and technologies to educate and advice customers on the best insurance and investment solutions available in the Kenya market.

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

“We are able to roll out new countries on our platform at a low cost which then allows us to pass on these savings to customers. We can do this due to our technology that allows transactions to be processed at breakneck speed with zero human interaction,” said SimbaPay chief executive officer Nyasinga Onyancha.

With over 1 billion subscribers, WeChat is the largest payment and social media app in China. This initiative therefore connects Africa’s largest mobile money ecosystem to China’s largest payment service in real-time.

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.

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.

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.

Prime and SimbaPay partner to launch international money transfer service

A partnership with a UK-based company will give Prime Bank customers in Kenya access to mobile payments. Nairobi-headquartered private bank Prime Bank has taken a further step into the fintech market by launching an international money transfer service, in collaboration with London-headquartered company SimbaPay.

Prime Bank (www.Primebank.co.ke), a leading private bank in Kenya, has partnered with London-based FinTech SimbaPay (www.SimbaPay.com), to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.

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.

The investment will allow FarmDrive to scale to US$13 million of loan originations in 2019 with minimal losses and exceptional returns using RiPe, a customisable lending engine that will allow lenders to plug in and access low-cost loan origination channels such as USSD, credit scoring, identity verification, and a portfolio management suite that includes recovery and collections, payments, customer support, and advanced real-time data analytics.

FarmDrive, a Kenyan enterprise, connects unbanked and underserved smallholder farmers to credit, while helping financial institutions cost-effectively increase their agricultural loan portfolios.

Aujourd’hui plus de 3 000 agriculteurs sont inscrits sur la plate-forme mobile. En 2016, en travaillant avec un partenaire financier, FarmDrive a permis d’attribuer environ $130 000 de prêts à 400 agriculteurs.

One of the greatest challenges we face working in rural areas of Africa is the lack of infrastructure and access to technology.

FarmDrive generates real-time credit reports for smallholder farmers, allowing them to access loans. Their proprietary platform collects traditional and alternative data points like revenue and satellite imaging to create detailed yield estimates and assess credit risk and then delivers loans via mobile money. As a result, farmers can increase their crop yields, improve their incomes and invest their additional revenue back into their families and communities.

Agri-tech startup in Kenya, FarmDrive has gotten access to more finance as its operations recently faced expansion to make provision for 3 million shareholders farmers.

In 2016 FarmDrive completed the initial phase of product-market fit in partnership with a Kenyan MFI. Through this pilot over KES 15 mil (USD 150,000) in loans were disbursed throughout 16 counties in Kenya. The pilot served as a proof point that better risk assessment can unlock capital for smallholder farmers, and informs the product development we’re doing today to drive more capital to farmers

Kenyan agri-tech startup FarmDrive has accessed further financing as it expands operations to provide access to credit for three million smallholder farmers.