Money Markets
Choice Microfinance Bank has entered into an agreement with London-based
digital money transfer firm SimbaPay that will see Kenyans living in
the UK transfer money home for free. PHOTO | FILE
By CHARLES MWANIKI
In Summary
- Choice, which in May became the eleventh microfinance bank (MFB) to be licensed in the country, seeks to facilitate investment of diaspora funds in SMEs in marginalised areas of Kenya.
Recently licensed Choice Microfinance Bank has
entered into an agreement with London-based digital money transfer firm
SimbaPay that will see Kenyans living in the UK transfer money home for
free.
Money transfers made to Choice MFB by Kenyans living abroad using SimbaPay will be credited instantly.
“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,” said SimbaPay and Choice MFB in a statement.
Diaspora funds
The two firms announced the partnership on Saturday in London.
Choice, which in May became the eleventh
microfinance bank (MFB) to be licensed in the country, seeks to
facilitate investment of diaspora funds in SMEs in marginalised areas of
Kenya.
The community-based MFB was started by a group of
Kenyans living in the US, targeting pastoralist communities, flower farm
workers and the micro, small and medium enterprises operating in
Kajiado North Constituency.
SimbaPay also launched free instant transfers to
all Nigerian banks in May 2015, and in June started a platform allowing
Kenyans living abroad to make M-Pesa Pay Bill payments.
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