Prime Bank Kenya has taken a further step into the fintech market by launching an international money transfer service, in collaboration with London-headquartered company SimbaPay.
The service will allow customers to send money to bank accounts and mobile wallets in 15 countries, including neighboring Uganda, the United Kingdom, India, China and Germany.
SimbaPay previously set up a similar service for transfers to Asia with Family Bank in 2018. Africa has been among the most prominent regions for fintech development as users, banks and technology companies have bypassed traditional banking to embrace mobile banking and payment services.
“Businesses as well as Kenyans and expatriates with friends and family abroad send over USD 18 billion to other African countries, Asia and Europe annually with several billion Kenya Shillings going through the SimbaPay network.” – Victor Karanja, SimbaPay head of operations.
Prime Bank business development director Vijay Kantaria said partnering with fintech companies was part of its plan to increase its digital integration, adding: “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.”