#AfricaMonth: SimbaPay increases single transfer amount

© Werayut Banjongkaew 123RF.com

It has raised the single transaction limit to US$45,000, which is substantially higher than the previous transaction limit of US$3,000.

Eliminating exchange rate fluctuations

According to Victor Karanja, head of operations at SimbaPay, one of the pain points for customers was having to make multiple transfers to complete a single purchase.

“A key risk with multiple transfers was exchange rate fluctuation. Sending up to US$45,000 with just our mobile app will protect senders from the fluctuation that arises when one splits up the transfer,” he says.

As an incentive to users, money transfers of more than US$3,000 will also automatically qualify for the daily SimbaPay Discounted Exchange Rates - a more favourable exchange rate than the standard exchange rate offered.

Instant transfers to wallets, merchants or bank accounts

African immigrants in European countries can now easily complete larger purchases in Africa - such as property, vehicles and paying large hospital bills or university fees - via the app to 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,” says Karanja.

The app’s higher transaction limit is immediately available on all SimbaPay platforms including iPhone, iPad, Android and web.