Family Bank Limited, has partnered with London-based financial technology firm SimbaPay to launch an instant money transfer service from Kenya to China through WeChat.
By using Family Bank’s PesaPap mobile banking application, customers and businesses will be able to access SimbaPay’s international money transfer service and send money to China. The service can also be accessed by dialing the USSD code *325# in Kenya.
“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,” said Family Bank Chief Operations Officer, Mr. Godfrey Kamau in a statement.
To also cater for non-customers the service will allow the lot to send money directly to any Chinese recipient via M-Pesa. To transact, Kenyans will use Family Bank’s M-Pesa Paybill number 261059 and enter the phone number of the recipient in China as the account number.
The WeChat Pay recipients will then instantly access the money in Chinese Yuan. Prior to the transaction, the service offers the sender a chance to review the operation and exchange rate applicable before releasing the payment.
In addition, SimbaPay’s Co-Founder, Mr. Sagini Onyancha reiterated that the initiative will further improve Kenya and China’s business dealings.
“This is a game changer for China-Kenya trade. It has been a joy working with the Family Bank team to deliver this solution to the market in record time.” Mr. Onyancha explained.
With over 1 billion subscribers, WeChat is the largest payment and social media app in China. This initiative therefore connects Africa’s largest mobile money ecosystem to China’s largest payment service in real-time.
With the increased efficiency provided by this new service, traders in Kenya will replenish stock faster, thus bolstering trade between the two nations. Additionally, financial inclusion will be positively impacted as more small scale traders will be able to directly source goods from China instead of depending on middlemen to make payments on their behalf.