A leading digital money transfer provider SimbaPay has announced the expansion of its free instant deposit service to Choice Microfinance Bank in Kenya.
SimbaPay has partnered with Choice Microfinance Bank a microfinance institution founded by Kenyans abroad in implementing the newly introduced money transfer service.
Victor Karanja, Head of Operations for SimbaPay says the money transfers made to Choice Microfinance Bank by Kenyans living abroad will be free of transfer fees.
Victor Karanja, Head of Operations for SimbaPay commented that “Our customers who already bank with Choice Microfinance Bank or have friends & family using the bank will be glad to see their transfers being credited instantly”.
“We are very excited about this new partnership with SimbaPay which is heavily engaged with the economic force that is Kenyans living abroad. Kenyans abroad are the country’s largest earner of foreign exchange today” Stanley Kasyoka, Deputy CEO at Choice Microfinance Bank added in a press release sent to newsrooms.
SimbaPay and Choice Microfinance Bank announced the partnership on 29 Aug 2015 in London at the annual “Kenya in the Park” event where they also exhibited the service.
The two companies jointly sponsored the event together with other businesses targeting Kenyans abroad. The event is an annual celebration of Kenya’s rich vibrant culture.
Kenyans living in the UK with a bank account, debit card or credit card are now able to use the SimbaPay app to make money transfers from any mobile phone, tablet or computer.
The service will be rolled out to Kenyans living in other EU countries in the near future.
SimbaPay also launched free, instant transfers to all Nigerian banks in May 2015.
In June it became the first platform in the world to allow Kenyans living abroad to make M-Pesa Pay Bill payments and continues to disrupt the cross-border remittance industry with its focus on speed and convenience.