SimbaPay raises money transfer limit to $45,000
Technology news: Announcement of SimbaPay’s increased transfer limit raises the bar for digital transaction providers to the African continent.
SimbaPay is revolutionizing the remittance space through its official announcement of raising the single transaction limit to a whopping $45,000. This is substantially higher than the previous transaction limit of $3,000.
According to Victor Karanja, Head of Operations at SimbaPay, sending money home and buying property across Africa has just become a whole lot easier.
“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,” said Karanja.
African immigrants in the European countries can now easily complete larger purchases in Africa such as that of property, vehicles and paying large hospital bills or university fees via the SimbaPay app.
As an incentive to users, SimbaPay money transfers of more than $3,000 will also automatically qualify for the daily SimbaPay 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.