MICROCAPITAL BRIEF: SimbaPay Mobile Money Transfer Service Opens Remittance Channel from UK to Nigeria

SimbaPay, a UK-based digital money transfer service, reportedly has announced that it has begun offering transfers to Nigeria.  Customers may use the SimbaPay website as well as iOS (Apple) and Android smartphone apps to transfer funds from the UK to Nigeria. The service allows users to transfer funds from a bank account, debit card or credit card; and transfers are credited to recipients’ bank accounts or mobile money wallets “within seconds.” While there is no fee for the service, exchange rates affect the total cost of such transfers.

It is expected to be expanded to allow for transfers from other European Union countries. The service also allows for transfers from the UK to Kenya.

By Makai McClintock, Research Associate

Sources and Additional Resources:

SimbaPay Press Release: “SimbaPay launches free UK to Nigeria money transfers,” https://appablog.wordpress.com/2015/05/22/simbapay-launches-free-uk-to-nigeria-money-transfers/

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