View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 30, 2018

Family Bank, SimbaPay to support instant remittances from Kenya to China

Kenyan lender Family Bank has joined forces with remittance firm SimbaPay to enable instant money transfers from Kenya to China.

The remittances will be facilitated through messaging service WeChat that has over a billion users in China.

Through the SimbaPay service, Family Bank customers can make fund transfers from the PesaPap mobile banking app and USSD service to WeChat Pay.

In case of non-customers, the service will be available through a PayBill number 261059 on MPESA.

Family Bank instant money transfers coming soon

“Money sent by Family Bank customers and non-customers via the SimbaPay service is instantly delivered to WeChat Pay recipients in Chinese Yuan. This service offers the sender a chance to review the transaction and exchange rate applicable before releasing the payment,” SimbaPay stated.

SinmbaPay said that China is the largest trading partner of Kenya. In the previous year, Kenyan businesses are said to have imported over $4bn of goods from China.

Commenting on the latest partnership, Family Bank COO Godfrey Kamau said: “This is a huge milestone for us and our customers.

“We are glad to extend, more so to our SME customers, a solution that offers an instant, reliable, traceable and affordable channel to send money to their suppliers and business partners in China.”

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International