NAIROBI, (Xinhua) --
Kenya’s Family Bank has inked a partnership deal
with international financial technology firm SimbaPay to launch
an instant money transfer service from the east African nation
Family Bank chief operations officer, said the funds will be
sent through messaging service WeChat and thus help boost
“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,” Kamau said in a
Using QR codes,
SimbaPay developed a third-party payment aggregator that enables
funds delivery into WeChat’s billion subscribers.
SimbaPay, more than 7 million customers and businesses in Kenya
will now access SimbaPay’s international money transfer service
to send money to China’s WeChat Pay from Family Bank’s PesaPap
mobile banking application and USSD service.
WeChat, which has
more than a billion subscribers, is the largest payment and
social media app in China.
therefore connects Africa’s largest mobile money ecosystem to
China’s largest payment service in real-time,” said SimbaPay.
It said traders in
Kenya already use WeChat to communicate with their suppliers in
China, hence this solution will be faster and less expensive as
all a user requires when sending money to China is the
recipient’s mobile phone number.
“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,” said SimbaPay.