Simbapay raises forex transfer limit for Nigerians

Simbapay raises forex transfer limit for Nigerians

Simbapay raises forex transfer limit for Nigerians

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Nigerians can now receive up to $45,000 in a single transaction using the SimbaPay app, the online African money transfer platform says.

SimbaPay, announced that it has increased the transfer limit for digital transaction providers to Nigeria and the rest of the African continent from $3,000 to $45,000 in a single transaction using the SimbaPay app.

Victor Karanja, Head of Operations at SimbaPay, said in a statement made available to Technology Times that sending money home and buying property across Africa has just become a ”whole lot easier”.

Karanja identifies that “a pain point for customers in the past has been having to undertake multiple transfers to complete a single purchase.”

A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos
A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos

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

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

Money transfers of more than $3,000 will also automatically qualify for the daily SimbaPay Discounted Exchange Rates, as an incentive to users, with which a user gets to transfer money at a more favorable exchange rate than the standard SimbaPay exchange rate, according to the money transfer service.

Money transferred via the service to Africa is credited instantly at the destination mobile money wallet, merchant or bank account, SimpaPay claims.

According to the compan, “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.”

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

 

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Success Kafoi Journalist at Technology Times Media. Mobile: 08077671673 email: success.kafoi@technologytimes.ng

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