Kenya Shillings 4.54 million is the new amount of money you can transfer in a single transaction using SimbaPay, a money transfer portal that allows anyone to transfer money to Africa. The $45,000 limit is a huge change given that the previous transfer limit was set at $3,000 at a time money transfer companies like Western Union and Moneygram allowing only $2,999 and $3,000 as the maximum limits one can transfer in a single transactions respectively.
According to Victor Karanja, Head of Operations at SimbaPay 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.”
In essence therefore, those who intend to send monies from Europe to Africa with an aim of buying property, setting up investments, or paying large hospital bills or university fees can now do so in a single transaction through the SimbaPay platform.
As an incentive to users, money transfers of more than $3,000 will also automatically qualify for the daily Discounted Exchange Rates. With the Discounted Exchange Rate, a user gets to transfer money at a more favourable exchange rate than the standard SimbaPay exchange rate.
EU based Africans will now be able to send large amounts of money back home instantly and free of charge.
Money transferred via the service to Africa is credited instantly at the destination mobile money wallet, merchant or bank account.
“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.
The app’s higher transaction limit is immediately available on all SimbaPay platforms including iPhone, iPad, Android and Web.