SimbaPay is working to revolutionize the remittance space.
How are they doing this? By officially raising the single transaction limit to a whopping $45,000 (Approx. KES 4.635M) which is 15 times higher than the previous transaction limit of $3,000 (Approx. KES 309,000) set previously. Victor Karanja, Head of Operations at SimbaPay, reckons this will make sending money back home to invest and buy property across Africa a whole lot easier especially for folks who live in the diaspora as they now can make one single transfer as opposed to having to undertake multiple transfers to complete a single purchase that was being affected by the fluctuating exchange rate between KES and USD in favour of the latter.
As an incentive to its users, SimbaPay money transfers of more than $3,000 will also automatically qualify for the daily SimbaPay Discounted Exchange Rates that allows a user to transfer money at a more favourable exchange rate than the standard SimbaPay exchange rate.
Money transferred via the service to Africa is credited instantly at the destination mobile money wallet, merchant or bank account. The App, which can be found on Web, iOS and Android platforms, is also able to credit the money directly into mobile money services such as M-PESA, Pay Bill merchants such as schools and utility companies, and regular bank accounts.
