SimbaPay CEO, Nyasinga Onyancha: ‘It Makes Sense to Have a Presence in Nigeria’
SimbaPay is a remittance service provider headquartered in London that enables Africans in UK to send money from their bank accounts back home fast, cheaply and securely.
SimbaPay is a remittance service provider headquartered in London that enables Africans in UK to send money from their bank accounts back home fast, cheaply and securely through its mobile app, as well as the website.
The company just launched a free remittance service to Nigeria. Cointelegraph had an exclusive interview with its Co-founder and CEO Nyasinga Onyancha to find out about the company’s business model and his projections for the new market.
“We are driven by the vision to provide cost effective remittance services to Africa.”
Cointelegraph: What is the story behind SimbaPay and for how long have you been in business?
Nyasinga Onyancha: SimbaPay first released its app in late October 2014. We started with iPhone, but we have since included Android and PC apps. We are driven by the vision to provide cost effective remittance services to Africa.
We want our customers to send money to loved ones without the hindrance of high fees. SimbaPay allows transfers from UK to a mobile wallet or bank account in Kenya and now in Nigeria.
CT: How does SimbaPay Work? How do you make sure that the recipient has the money in a matter of minutes from the time it is sent?
NO: We have built a proprietary cloud-based method of transferring money. This lowers our costs and ensures we can pass multiple transactions through in a matter of minutes.
CT: You have made it clear that it is free to send money from UK to Nigeria. How do you cover your costs as well as make a profit because, at the end of the day, you are a business?
NO: As I mentioned, our costs are very lo