Kenyan private bank Prime Bank has partnered with London-based fintech SimbaPay to launch an instant international money transfer service via the bank’s digital platform, PrimeMobi. Photo: File
Kenyan private bank Prime Bank has partnered with London-based fintech SimbaPay to launch an instant international money transfer service via the bank’s digital platform, PrimeMobi. Photo: File

Kenyan bank launches international money transfer service

By Thembelihle Mkhonza Time of article published Nov 10, 2020

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INTERNATIONAL - Kenyan private bank Prime Bank has partnered with London-based fintech SimbaPay to launch an instant international money transfer service via the bank’s digital platform, PrimeMobi.

Through SimbaPay, Prime Bank customers will now be able to instantly and securely send money directly to bank accounts or mobile wallets across 16 countries in Africa, Europe and Asia, including India, the UK, China (WeChat Pay), Germany, and Uganda, Prime Bank said in a statement dated Monday.

SimbaPay’s head of operations Victor Karanja said the service will provide a seamless platform for Prime Bank’s customer base to send money abroad at the click of a button.

“Businesses as well as Kenyans and expatriates with friends and family abroad send over US$18 billion (R280.93 billion) to other African countries, Asia and Europe annually, with several billion Kenyan shillings going through the SimbaPay network. Therefore, this service will offer Prime Bank’s customers a world-class fully digital international money transfer service,” said Karanja.

Prime Bank’s director for business development Vijay Kantaria said the tier 2 lender has embarked on investment in technology through partnering with various fintechs to accelerate its digital integration plan.

“Through our digital platforms, we aim to make available a one-stop solution to our customers in terms of funds transfer, and with the inclusion of SimbaPay our customers will now send money to friends and family across the world at the comfort of their mobile phones,” said Kantaria .

To access the service, customers will need to log in to the bank’s mobile banking app PrimeMobi, then click on the “international money transfer” icon on the home screen. After confirming the amount to be sent, the sender’s bank account will be debited and money credited to the beneficiary instantly.

Transfers can also be sent from M-Pesa using a dedicated SimbaPay @ Prime Bank pay bill number.

African News Agency

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