Digital money transfer provider SimbaPay has expanded its deposit service to Choice Microfinance Bank, an institution founded by Kenyans abroad.
Kenyans living in the U.K. with a bank account, debit card or credit card can use the SimbaPay app to transfer money from any mobile phone, tablet or computer to family or vendors in Kenya to Choice Microfinance Bank accounts that will be credited instantly, London-based SimbaPay stated in an Aug. 31 press release.
The service will be rolled out to Kenyans living in other European Union countries in the near future, SimbaPay said.
The Choice Bank app has been preloaded to the SimbaPay platform, eliminating the need for users to remember the bank's bill pay details. When making a money transfer, SimbaPay users are required to select the bank from a database of bill payment businesses and enter payment amount and destination account number.
“We are very excited about this new partnership with SimbaPay, which is heavily engaged with the economic force that is Kenyans living abroad," Stanley Kasyoka, deputy CEO at Choice Microfinance Bank, stated in the release.
"Kenyans abroad are the country’s largest earner of foreign exchange today," Kaysoka added.
SimbaPay says it became the first platform three months ago to allow Kenyans living abroad to make M-Pesa Pay Bill payments cross-border in real-time.
The expansion to the Kenya bank follows SimbaPay's rollout of instant transfers to all Nigerian banks four months ago. Users can download SimbaPay from the Apple or Android app stores.
Choice Microfinance Bank is incorporated in Kenya and regulated by the Central Bank of Kenya.