The African continent has over 30 million people in the diaspora, most of which send money home to help friends and family. Remittances to Africa fuel 5 percent of the continent’s GDP, with close to half of the population of countries like Somalia depending on handouts from families living abroad. Despite the importance of the money being sent home to global development work, African migrants face the highest remittance fees globally. However, companies like SimbaPay have in recent years disrupted the money transfer industry and are making remittances easier and cheaper.
The leading digital money transfer provider has now expanded its instant Africa money transfer service to 5 new EU countries — France, Germany, Ireland, Italy and Spain, following a pilot that has been running for 3 months in the countries.
Africans living in these EU countries will now be able to send money back home instantly and free of charge. Money transferred via the service to Africa is credited instantly at the destination mobile money wallet, merchant or bank account.
“Our goal of connecting all Africans living abroad to any Mobile Money wallet or Bank Account in Africa just moved one step closer,” said Nyasinga Onyancha, CEO for SimbaPay.
With the successful expansion to the EU countries, SimbaPay will be adding another six countries by the end of March 2016.
SimbaPay allows Africans living in the EU with a bank account or debit card to make money transfers straight from any mobile phone, tablet or computer after downloading the SimbaPay app from the Apple AppStore or Google Play.
Remittance is becoming increasingly important as money sent by Africans abroad, estimated to be $64 billion annually, now more than double the $30 billion the continent receives in Foreign Aid. Companies like SimpaPay, WorldRemit, among others have ended the reign of money transfer cartels which has for decades charged Africans excessively to help them send hard-earned money home.