- LIVE TV
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.
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.
– Business Daily