Prime Bank integrates SimbaPay, offering one-stop solution for funds transfer

By Pavithra R

Prime Bank, a commercial bank in Kenya, licensed and supervised by the Central Bank of Kenya, has announced its partnership with London-based FinTech SimbaPay, a B2B SaaS for banks in Africa, to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.

By leveraging SimbaPay, Prime Bank customers will now be able to instantly and securely send money directly to bank accounts or mobile wallets across 15 countries in Africa, Europe, and Asia including India, United Kingdom, China (WeChat Pay), Germany, Uganda among others. The service is expected to provide a seamless platform for Prime Bank’s customer base to send money abroad at the click of a button.

“Businesses as well as Kenyans and expatriates with friends and family abroad send over $18 Billion to other African countries, Asia and Europe annually with several billion Kenya Shillings going through the Simbapay network. Therefore, this service will offer Prime Bank’s customers a world-class fully digital International Money Transfer service” said Victor Karanja, SimbaPay’s Head of Operations.

To access the service, customers will need to login to the bank’s mobile banking app, PrimeMobi, then click on the International Money Transfer icon on the home screen. After confirming the amount to be sent, the sender’s bank account will be debited and money credited to the beneficiary instantly. Transfers can also be sent from M-Pesa using a dedicated SimbaPay @ Prime Bank pay bill number.

According to Mr Karanja, the tier 2 lender has embarked on investment in technology through partnering with various FinTechs to accelerate its digital integration plan. 

“Through our digital platforms, we aim to make available a one-stop solution to our customers in terms of funds transfer and with the inclusion of SimbaPay, our customers will now send money to friends and family across the world at the comfort of their mobile phones,” added Mr Kantaria.

Established since 1992, Prime Bank Ltd is one of the leading Private Banks in Kenya. The Bank recently acquired Barclays Bank of Zimbabwe through First Merchant Bank, Malawi. In addition to this, the Bank has also acquired 80% shareholding in Tausi Assurance Company Ltd.