Mr Vince Tallent, chairman and chief executive officer at Fastacash. Courtesy photo
By DAVID HERBLING, hdavid@ke.nationmedia.com
IN SUMMARY
Fastacash allows users to send cash from UK direct to M-Pesa, bank accounts.
A Singapore-based tech firm has launched an innovative money transfer service, Fastacash, targeting Kenyans in the diaspora.
The service links the user’s debit card to the platform, allowing one to send money through social networking sites such as Facebook, Twitter and WhatsApp to M-Pesa or bank accounts.
Fastacash service targets remittances to Kenya from the United Kingdom and one can share photos, videos and more in the transfer.
“We have taken time to understand our audience and appreciate that the majority of migrant communities have a sense of responsibility and duty as well as a very strong emotional connection to their family and friends back home, whom they support financially,” said Vince Tallent, chief executive of Fastacash.
“We offer a new way of transferring money online and through mobile phones, with just a secure link through any social network of choice,” he said.
It gives the sender an option to add an emotional touch to the transaction by attaching photos, audio, videos and messages.
“Every action of sharing is accompanied by an emotional sentiment,” said Mr Tallent, adding that this makes Fastacash a ‘social way to send money.’
It costs £1 (Sh119) to send every £100 (Sh11,912) on the Fastacash platform and beneficiaries do not pay any fees to receive the money.
Fastacash is banking on its one per cent transaction charge to attract users to the service and grow customer base.
“We are easy on your pocket with no hidden fees,” the executive said.
Mr Tallent said that making the service online makes it cheaper and smooth as it cuts out the inefficiencies associated with traditional money transfer channels which involve cash handling and distribution agents which ultimately increase the cost of sending money.
The money is sent in shillings, at an exchange rate determined by the service provider.
The real-time remittance is delivered through M-Pesa and bank accounts and notifications of the transaction can be sent via e-mail, social networks, instant messaging platforms or short message service (SMS).
Recipients receive a link notifying them that they have received cash and once you sign in, the beneficiary will view the transfer details along with the video, photo and message that is attached.
Fastacash targets the young and tech savvy Kenyans studying and working in the UK who support their families and friends or have investment projects back home.
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