Family Bank has partnered with London-based financial technology firm SimbaPay to launch an instant money transfer service from Kenya to China through WeChat – a service that will connect to China’s largest payment service in real-time.
This initiative will enable Kenyans to access SimbaPay international money transfer service to send money to China’s WeChat pay from Family Bank’s PesaPap mobile application.
Alternatively, non-customers can perform the transaction via PayBill number 261059 on MPESA.
Family Bank chief operations officer Godfrey Kamau said :“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.”
In order to transact money with someone in China, all a user requires is the recipient’s mobile phone number and a WeChat application installed on phone.
Money sent by Family Bank customers and non-customers via the SimbaPay service is instantly delivered to WeChat Pay recipients in Chinese Yuan. This service offers the sender a chance to review the transaction and exchange rate applicable before releasing the payment.
On MPESA, the sender is required to quote the recipient’s phone number (e.g. +86 077000 12345) in the ‘Account’ field.